Word: ebay
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Dates: during 2000-2009
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...study—which focused on the popular auction Web site—was authored by Ramsey Professor of Political Economy Richard J. Zeckhauser ’62 and two University of Michigan professors, and suggests that eBay sellers with long-standing, positive reputations can sell more items and charge higher prices...
Online auction-goers searching eBay can bid on items ranging from automobiles to ant farms, and afterwards both buyers and sellers rate each other according to the smoothness of the transaction and the quality of the auctioned goods. The ratings are then made available to future eBay surfers...
While earlier studies found no correlation between an eBay seller’s customer satisfaction rating and their business success, Zeckhauser’s data indicates that online buyers spend about 7.6 percent more on products offered by highly-rated sellers...
...eBay’s rating system, buyers are too hesitant to give negative ratings,” he said. “Our quantitative study found that negative feedback only occurred 1 percent of the time, but when we spoke to a group of buyers, the percentage of negative eBay experiences was much higher...
Zeckhauser said his research on eBay remains unfinished. He said his next study will attempt to find out if buyers trust sellers as much as their ratings indicate...