Warranty, Seller Reputation, and Buyer Experience: Evidence From EBAY Used Car Auctions
利用eBay二手车拍卖数据，研究了保修、卖家声誉和买家经验如何影响最终价格，发现保修能带来溢价，但该溢价随卖家声誉提高而降低，且经验丰富的买家为保修或专业经销商支付的溢价更少。
Using data from the eBay car auction market, we test several predictions regarding warranties, seller reputation and buyer experience in the determination of the final price. We find that the presence of a warranty generates a price premium, but that its magnitude decreases when the seller has a more established reputation. Compared to private sellers, professional dealers, who are ‘repeated‐game players’ in the market, benefit less from a warranty and its substitutability for seller reputation is relatively small. In addition, a buyer with greater experience tends to pay less for a warranty or for a professional dealership.