| . | (1) . | (2) . | (3) . | (4) . | (5) . | (6) . |
|---|---|---|---|---|---|---|
| . | Initial price |${\boldsymbol{\alpha}}$| . | Initial price |${\boldsymbol{\alpha}}$| . | Duration (log days) |${\boldsymbol{\beta}}$| . | Duration (log days) |${\boldsymbol{\beta}}$| . | Price change |${\boldsymbol{\gamma}}$| . | Price change |${\boldsymbol{\gamma}}$| . |
| Dealers in region | 0.001 | 0.001 | −0.031 | −0.031 | 0.000 | −0.000 |
| (0.004) | (0.004) | (0.010) | (0.010) | (0.000) | (0.000) | |
| 0.875 | 0.754 | 0.001 | 0.002 | 0.964 | 0.967 | |
| Population density (per 100 inhabitants per square km) | −0.001 (0.005) | −0.003 (0.005) | −0.030 (0.011) | −0.031 (0.012) | −0.000 (0.000) | −0.000 (0.000) |
| 0.795 | 0.625 | 0.008 | 0.009 | 0.374 | 0.324 | |
| GDP per capita (per thousand €) | −0.000 (0.002) | 0.000 (0.002) | 0.012 (0.004) | 0.012 (0.004) | −0.000 (0.000) | −0.000 (0.000) |
| 0.926 | 0.799 | 0.009 | 0.006 | 0.581 | 0.544 | |
| Dealers × population density | −0.000 (0.000) | 0.000 (0.000) | 0.002 (0.001) | 0.003 (0.001) | 0.000 (0.000) | 0.000 (0.000) |
| 0.942 | 0.938 | 0.024 | 0.015 | 0.464 | 0.462 | |
| Official BMW partner | 0.033 | 0.198 | −0.007 | |||
| (0.024) | (0.056) | (0.002) | ||||
| 0.160 | 0.000 | 0.004 | ||||
| Observed BMW 320s and 730s per dealer (per 10 cars) | 0.000 (0.000) | 0.000 (0.000) | −0.000 (0.000) | |||
| 0.111 | 0.423 | 0.816 | ||||
| Share of BMW 320s | 0.006 | 0.062 | −0.017 | |||
| (0.110) | (0.275) | (0.011) | ||||
| 0.960 | 0.822 | 0.133 | ||||
| Part of larger dealer network | −0.042 (0.028) | −0.033 (0.064) | −0.002 (0.003) | |||
| 0.132 | 0.609 | 0.544 | ||||
| Average mileage (mean km log) | −0.065 (0.019) | 0.040 (0.049) | −0.003 (0.002) | |||
| 0.001 | 0.423 | 0.136 | ||||
| Share of cars where extra warranty available | −0.047 (0.034) | 0.040 (0.080) | −0.001 (0.003) | |||
| 0.166 | 0.615 | 0.784 | ||||
| Mean number of pictures in ad | −0.000 (0.004) | −0.017 (0.009) | 0.000 (0.000) | |||
| 0.999 | 0.070 | 0.721 | ||||
| Share of cars with extra advertisement | 0.049 (0.032) | −0.068 (0.074) | 0.003 (0.003) | |||
| 0.129 | 0.359 | 0.282 | ||||
| Constant | 0.474 | 1.127 | 3.333 | 2.843 | −0.031 | 0.021 |
| (0.058) | (0.236) | (0.138) | (0.592) | (0.006) | (0.024) | |
| 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.391 | |
| Observations | 606 | 603 | 496 | 495 | 496 | 495 |
| R2 | 0.001 | 0.041 | 0.029 | 0.077 | 0.006 | 0.036 |
| . | (1) . | (2) . | (3) . | (4) . | (5) . | (6) . |
|---|---|---|---|---|---|---|
| . | Initial price |${\boldsymbol{\alpha}}$| . | Initial price |${\boldsymbol{\alpha}}$| . | Duration (log days) |${\boldsymbol{\beta}}$| . | Duration (log days) |${\boldsymbol{\beta}}$| . | Price change |${\boldsymbol{\gamma}}$| . | Price change |${\boldsymbol{\gamma}}$| . |
| Dealers in region | 0.001 | 0.001 | −0.031 | −0.031 | 0.000 | −0.000 |
| (0.004) | (0.004) | (0.010) | (0.010) | (0.000) | (0.000) | |
| 0.875 | 0.754 | 0.001 | 0.002 | 0.964 | 0.967 | |
| Population density (per 100 inhabitants per square km) | −0.001 (0.005) | −0.003 (0.005) | −0.030 (0.011) | −0.031 (0.012) | −0.000 (0.000) | −0.000 (0.000) |
| 0.795 | 0.625 | 0.008 | 0.009 | 0.374 | 0.324 | |
| GDP per capita (per thousand €) | −0.000 (0.002) | 0.000 (0.002) | 0.012 (0.004) | 0.012 (0.004) | −0.000 (0.000) | −0.000 (0.000) |
| 0.926 | 0.799 | 0.009 | 0.006 | 0.581 | 0.544 | |
| Dealers × population density | −0.000 (0.000) | 0.000 (0.000) | 0.002 (0.001) | 0.003 (0.001) | 0.000 (0.000) | 0.000 (0.000) |
| 0.942 | 0.938 | 0.024 | 0.015 | 0.464 | 0.462 | |
| Official BMW partner | 0.033 | 0.198 | −0.007 | |||
| (0.024) | (0.056) | (0.002) | ||||
| 0.160 | 0.000 | 0.004 | ||||
| Observed BMW 320s and 730s per dealer (per 10 cars) | 0.000 (0.000) | 0.000 (0.000) | −0.000 (0.000) | |||
| 0.111 | 0.423 | 0.816 | ||||
| Share of BMW 320s | 0.006 | 0.062 | −0.017 | |||
| (0.110) | (0.275) | (0.011) | ||||
| 0.960 | 0.822 | 0.133 | ||||
| Part of larger dealer network | −0.042 (0.028) | −0.033 (0.064) | −0.002 (0.003) | |||
| 0.132 | 0.609 | 0.544 | ||||
| Average mileage (mean km log) | −0.065 (0.019) | 0.040 (0.049) | −0.003 (0.002) | |||
| 0.001 | 0.423 | 0.136 | ||||
| Share of cars where extra warranty available | −0.047 (0.034) | 0.040 (0.080) | −0.001 (0.003) | |||
| 0.166 | 0.615 | 0.784 | ||||
| Mean number of pictures in ad | −0.000 (0.004) | −0.017 (0.009) | 0.000 (0.000) | |||
| 0.999 | 0.070 | 0.721 | ||||
| Share of cars with extra advertisement | 0.049 (0.032) | −0.068 (0.074) | 0.003 (0.003) | |||
| 0.129 | 0.359 | 0.282 | ||||
| Constant | 0.474 | 1.127 | 3.333 | 2.843 | −0.031 | 0.021 |
| (0.058) | (0.236) | (0.138) | (0.592) | (0.006) | (0.024) | |
| 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.391 | |
| Observations | 606 | 603 | 496 | 495 | 496 | 495 |
| R2 | 0.001 | 0.041 | 0.029 | 0.077 | 0.006 | 0.036 |
Coefficients, standard errors in parentheses, and exact p-values are reported. Coefficients are in bold if |${\rm{p}} \le .05$|.
Notes: Different interaction effects were tested for the market-level variables; however, only number of dealers interacting with population density was significant.
| . | (1) . | (2) . | (3) . | (4) . | (5) . | (6) . |
|---|---|---|---|---|---|---|
| . | Initial price |${\boldsymbol{\alpha}}$| . | Initial price |${\boldsymbol{\alpha}}$| . | Duration (log days) |${\boldsymbol{\beta}}$| . | Duration (log days) |${\boldsymbol{\beta}}$| . | Price change |${\boldsymbol{\gamma}}$| . | Price change |${\boldsymbol{\gamma}}$| . |
| Dealers in region | 0.001 | 0.001 | −0.031 | −0.031 | 0.000 | −0.000 |
| (0.004) | (0.004) | (0.010) | (0.010) | (0.000) | (0.000) | |
| 0.875 | 0.754 | 0.001 | 0.002 | 0.964 | 0.967 | |
| Population density (per 100 inhabitants per square km) | −0.001 (0.005) | −0.003 (0.005) | −0.030 (0.011) | −0.031 (0.012) | −0.000 (0.000) | −0.000 (0.000) |
| 0.795 | 0.625 | 0.008 | 0.009 | 0.374 | 0.324 | |
| GDP per capita (per thousand €) | −0.000 (0.002) | 0.000 (0.002) | 0.012 (0.004) | 0.012 (0.004) | −0.000 (0.000) | −0.000 (0.000) |
| 0.926 | 0.799 | 0.009 | 0.006 | 0.581 | 0.544 | |
| Dealers × population density | −0.000 (0.000) | 0.000 (0.000) | 0.002 (0.001) | 0.003 (0.001) | 0.000 (0.000) | 0.000 (0.000) |
| 0.942 | 0.938 | 0.024 | 0.015 | 0.464 | 0.462 | |
| Official BMW partner | 0.033 | 0.198 | −0.007 | |||
| (0.024) | (0.056) | (0.002) | ||||
| 0.160 | 0.000 | 0.004 | ||||
| Observed BMW 320s and 730s per dealer (per 10 cars) | 0.000 (0.000) | 0.000 (0.000) | −0.000 (0.000) | |||
| 0.111 | 0.423 | 0.816 | ||||
| Share of BMW 320s | 0.006 | 0.062 | −0.017 | |||
| (0.110) | (0.275) | (0.011) | ||||
| 0.960 | 0.822 | 0.133 | ||||
| Part of larger dealer network | −0.042 (0.028) | −0.033 (0.064) | −0.002 (0.003) | |||
| 0.132 | 0.609 | 0.544 | ||||
| Average mileage (mean km log) | −0.065 (0.019) | 0.040 (0.049) | −0.003 (0.002) | |||
| 0.001 | 0.423 | 0.136 | ||||
| Share of cars where extra warranty available | −0.047 (0.034) | 0.040 (0.080) | −0.001 (0.003) | |||
| 0.166 | 0.615 | 0.784 | ||||
| Mean number of pictures in ad | −0.000 (0.004) | −0.017 (0.009) | 0.000 (0.000) | |||
| 0.999 | 0.070 | 0.721 | ||||
| Share of cars with extra advertisement | 0.049 (0.032) | −0.068 (0.074) | 0.003 (0.003) | |||
| 0.129 | 0.359 | 0.282 | ||||
| Constant | 0.474 | 1.127 | 3.333 | 2.843 | −0.031 | 0.021 |
| (0.058) | (0.236) | (0.138) | (0.592) | (0.006) | (0.024) | |
| 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.391 | |
| Observations | 606 | 603 | 496 | 495 | 496 | 495 |
| R2 | 0.001 | 0.041 | 0.029 | 0.077 | 0.006 | 0.036 |
| . | (1) . | (2) . | (3) . | (4) . | (5) . | (6) . |
|---|---|---|---|---|---|---|
| . | Initial price |${\boldsymbol{\alpha}}$| . | Initial price |${\boldsymbol{\alpha}}$| . | Duration (log days) |${\boldsymbol{\beta}}$| . | Duration (log days) |${\boldsymbol{\beta}}$| . | Price change |${\boldsymbol{\gamma}}$| . | Price change |${\boldsymbol{\gamma}}$| . |
| Dealers in region | 0.001 | 0.001 | −0.031 | −0.031 | 0.000 | −0.000 |
| (0.004) | (0.004) | (0.010) | (0.010) | (0.000) | (0.000) | |
| 0.875 | 0.754 | 0.001 | 0.002 | 0.964 | 0.967 | |
| Population density (per 100 inhabitants per square km) | −0.001 (0.005) | −0.003 (0.005) | −0.030 (0.011) | −0.031 (0.012) | −0.000 (0.000) | −0.000 (0.000) |
| 0.795 | 0.625 | 0.008 | 0.009 | 0.374 | 0.324 | |
| GDP per capita (per thousand €) | −0.000 (0.002) | 0.000 (0.002) | 0.012 (0.004) | 0.012 (0.004) | −0.000 (0.000) | −0.000 (0.000) |
| 0.926 | 0.799 | 0.009 | 0.006 | 0.581 | 0.544 | |
| Dealers × population density | −0.000 (0.000) | 0.000 (0.000) | 0.002 (0.001) | 0.003 (0.001) | 0.000 (0.000) | 0.000 (0.000) |
| 0.942 | 0.938 | 0.024 | 0.015 | 0.464 | 0.462 | |
| Official BMW partner | 0.033 | 0.198 | −0.007 | |||
| (0.024) | (0.056) | (0.002) | ||||
| 0.160 | 0.000 | 0.004 | ||||
| Observed BMW 320s and 730s per dealer (per 10 cars) | 0.000 (0.000) | 0.000 (0.000) | −0.000 (0.000) | |||
| 0.111 | 0.423 | 0.816 | ||||
| Share of BMW 320s | 0.006 | 0.062 | −0.017 | |||
| (0.110) | (0.275) | (0.011) | ||||
| 0.960 | 0.822 | 0.133 | ||||
| Part of larger dealer network | −0.042 (0.028) | −0.033 (0.064) | −0.002 (0.003) | |||
| 0.132 | 0.609 | 0.544 | ||||
| Average mileage (mean km log) | −0.065 (0.019) | 0.040 (0.049) | −0.003 (0.002) | |||
| 0.001 | 0.423 | 0.136 | ||||
| Share of cars where extra warranty available | −0.047 (0.034) | 0.040 (0.080) | −0.001 (0.003) | |||
| 0.166 | 0.615 | 0.784 | ||||
| Mean number of pictures in ad | −0.000 (0.004) | −0.017 (0.009) | 0.000 (0.000) | |||
| 0.999 | 0.070 | 0.721 | ||||
| Share of cars with extra advertisement | 0.049 (0.032) | −0.068 (0.074) | 0.003 (0.003) | |||
| 0.129 | 0.359 | 0.282 | ||||
| Constant | 0.474 | 1.127 | 3.333 | 2.843 | −0.031 | 0.021 |
| (0.058) | (0.236) | (0.138) | (0.592) | (0.006) | (0.024) | |
| 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.391 | |
| Observations | 606 | 603 | 496 | 495 | 496 | 495 |
| R2 | 0.001 | 0.041 | 0.029 | 0.077 | 0.006 | 0.036 |
Coefficients, standard errors in parentheses, and exact p-values are reported. Coefficients are in bold if |${\rm{p}} \le .05$|.
Notes: Different interaction effects were tested for the market-level variables; however, only number of dealers interacting with population density was significant.
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