Collectible Pricing and Collector Utility: The Role of Production Commitments

Corey Williams, Kole Kole Reddig and Adam Nowak
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Corey Williams: Shippensburg University
Kole Kole Reddig: West Virginia University
Adam Nowak: West Virginia University

No 24-03, Working Papers from Department of Economics, West Virginia University

Abstract: This paper investigates the effect of production commitments on consumers of collectable goods.Using data on prices for Magic: The Gathering trading cards, we estimate that the reprinting of certain card varieties caused a 34% decrease in the relative price of reprinted cards. We interpret this estimate with a model of a forward-looking consumer that views collectibles as both a source of enjoyment and a store of wealth. Using a mapping between structural parameters of the model and difference-in-difference sregression parameters, we compute lifetime discounted utility decreased by as much as 14% for collectors holding mainly reprinted cards.

Keywords: production commitments; secondary markets; collectibles; demand estimation (search for similar items in EconPapers)
JEL-codes: D4 L1 L2 (search for similar items in EconPapers)
Pages: 40 pages
New Economics Papers: this item is included in nep-cul
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Persistent link: https://EconPapers.repec.org/RePEc:wvu:wpaper:24-03

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