隨著虛擬經濟的迅速發展，大型多人線上角色扮演遊戲（MMORPG）作為具複雜社會經濟系統的虛擬世界，遊戲內的虛擬寶物交易規模龐大，引發了學術界對虛擬寶物與真實貨幣交易（RMT）背後心理機制的廣泛關注。玩家是否會對虛擬寶物產生與對實體產品一致的心理現象？他們又基於何種心理機制決定出售或保留虛擬寶物？

　　過去研究多聚焦於遊戲虛擬寶物的購買意願或行為，對賣出行為的研究探討相對匱乏。賣出行為作為市場運作的核心，不僅直接影響市場流動性與市場價格，亦反映消費者的心理動態與信心指標，對於遊戲內經濟穩定性的影響可見一斑。因此，本研究旨在探討期望不確認理論與稟賦效應對於交易行為的影響，以稟賦效應作為遊戲內交易行為的價值偏差解釋，並為遊戲產業提供具有實務意義的洞見。

　　本研究採用實驗與問卷調查作為研究方法，透過搜尋努力（高 vs. 低）的情境操弄，探討玩家在虛擬寶物交易中的後悔、稟賦效應與交易行為。研究結果顯示，購買前的高搜尋努力可減少後悔情緒，而後悔會負向影響稟賦效應，並影響到最終的交易行為。此外，虛擬寶物的受歡迎程度在稟賦效應與交易行為之間發揮正向調節作用。本研究不僅驗證了稟賦效應於遊戲虛擬寶物交易中的存在，更進一步整合期望不確認理論的同化效應與稟賦效應，建構了一個涵蓋消費者購買前後階段的研究模型，為理解虛擬經濟中的消費者行為提供了嶄新視角。

　　 Amid the rapid expansion of the virtual economy, Massively Multiplayer Online Role-Playing Games (MMORPGs) standing out as a virtual world with intricate socio-economic systems. The vast scale of in-game item transactions has attracted widespread academic interest in the psychological mechanisms underlying virtual products and Real-Money Trades (RMT). Do players experience psychological attachments toward virtual products similar to those associated with physical products? What psychological mechanisms drive their decisions to sell or retain virtual items?

　　While previous studies have predominantly focused on purchase intentions and behaviors, research on selling behavior remains relatively limited. Selling behavior, however, plays a vital role in market operations, as it directly influences market liquidity, pricing, and consumers’ confidence -- key factors of the stability of in-game economies. Therefore, this study aims to explore the influence of Expectancy Disconfirmation Theory (EDT) and the endowment effect on trading behavior, using the endowment effect as a main explanation for value biases in in-game transactions, and providing practical insights for the gaming industry to optimize in-game systems and enhance players’ transactions.

　　 This study employs experimental and survey methodologies, manipulating search effort levels (high vs. low) to investigate players’ psychological processes and decision-making in in-game item transactions. The findings reveal that higher pre-purchase search effort can reduce regret, which in turn weakens the endowment effect and impact players’ trading behaviors. Additionally, the popularity of in-game items positively moderates the relationship between the endowment effect and trading behavior. This research validates the existence of the endowment effect in in-game virtual products and integrates Expectancy Disconfirmation Theory with the endowment effect, constructing a comprehensive research model that encompasses pre- and post-purchase stages. This study provides a novel perspective on consumer behavior in the virtual economy.

論文審定書 i
誌謝 ii
摘要 iii
Abstract iv
目錄 v
圖次 vii
表次 viii
第一章 緒論 1
第一節 研究背景 1
第二節 研究動機 3
第三節 研究目的與問題 5
第四節 研究流程 6
第二章 文獻探討 7
第一節 線上遊戲 7
一、 大型多人線上角色扮演遊戲（MMORPGs） 7
二、 虛擬產品之界定與遊戲虛擬寶物 9
三、 真實貨幣交易（Real-Money Trades，RMT） 10
四、 MMORPG遊戲之相關研究 11
第二節 期望不確認理論（Expectancy Disconfirmation Theory，EDT） 12
一、 同化效應（Assimilation Effect） 15
二、 搜尋努力（Search Effort） 16
三、 後悔（Regret） 17
第三節 稟賦效應（Endowment Effect） 19
第三章 研究方法 21
第一節 研究模型 21
第二節 研究假說 21
第三節 操作型定義 24
第四節 研究設計 24
一、 研究對象 24
二、 實驗操弄程序 25
三、 實驗設計 26
四、 問卷設計與變數衡量 30
第四章 資料分析 33
第一節 敘述性統計分析 33
第二節 模型衡量 35
一、 操弄檢測 35
二、 信度分析 37
三、 收斂效度分析 37
四、 區別效度分析 38
五、 共線性診斷 40
六、 共同方法偏誤 41
第三節 模型分析與假說驗證 43
第五章 結論與建議 45
第一節 研究結果 45
第二節 研究貢獻 47
一、 學術貢獻 47
二、 實務貢獻 48
第三節 研究限制與未來研究方向 49
參考文獻 51
附錄－本研究正式問卷 67
一、 第一階段 67
二、 第二階段 69

李奎樂（2024）。保底機制融入虛擬轉蛋遊戲對玩家消費意願、沉沒成本與續玩意願之影響探究：以遊戲“命運·冠位指定”為例。國立臺中教育大學，臺中市。
台北市電腦公會. 2021年台灣玩家行為調查報告. Achieved from https://news.gamebase.com.tw/news/detail/99394834.
360iResearch (2024). Massive Multiplayer Online Role-playing Game Market by Type (Free-to-Play Games, Mobile Games, Pay-in-Play Games), Device (Mobile, Tablet), Applications - Global Forecast 2024-2030. 360iResearch.
Alba, J., Lynch, J., Weitz, B., & Janiszewski, C. (1997). Interactive home shopping: Consumer, retailer, and manufacturer incentives to participate in electronic marketplaces. Journal of Marketing, 61(3), 38-53.
Anderson, R. E. (1973). Consumer dissatisfaction: The effect of disconfirmed expectancy on perceived product performance. Journal of Marketing Research, 10(1), 38-44.
ASKCI. (2020). Analysis and scale forecast of China’s mobile game market in 2020: MMORPG has the largest market share. Achieved from https://baijiahao.baidu.com/s?id51668929550038138394 &wfr5spider&for5pc (accessed 20 May 2022).
Aurier, P., & Guintcheva, G. (2014). Using affect-expectations theory to explain the direction of the impacts of experiential emotions on satisfaction. Psychology & Marketing, 31(10), 900-913.
Badrinarayanan, V. A., Sierra, J. J., & Martin, K. M. (2015). A dual identification framework of online multiplayer video games: The case of massively multiplayer online role playing games (MMORPGs). Journal of Business Research, 68(5), 1045-1052.
Bainbridge, W. S. (2007). The scientific research potential of virtual worlds. Science, 317(5837), 472-476.
Banerjee, A. V. (1992). A simple model of herd behavior. Quarterly Journal of Economics, 107(3), 797-817.
Bartle, R. A. (2004). Designing virtual worlds. New Riders.
Beatty, S. E., & Smith, S. M. (1987). External search effort: An investigation across several product categories. Journal of Consumer Research, 14(1), 83-95.
Becker, J.-M., Klein, K., & Wetzels, M. (2012). Hierarchical latent variable models in PLS-SEM: Guidelines for using reflective-formative type models. Long Range Planning, 45(5–6), 359-394.
Bell, D. E. (1982). Regret in decision making under uncertainty. Operations Research, 30(5), 961-981.
Bhattacherjee, A. (2001). An empirical analysis of the antecedents of electronic commerce service continuance. Decision Support Systems, 32(2), 201-214.
Bhattacherjee, A., & Premkumar, G. (2004). Understanding changes in belief and attitude toward information technology usage: A theoretical model and longitudinal test. MIS Quarterly, 28(2), 229254.
Biehal, G. J. (1983). Consumers' prior experiences and perceptions in auto repair choice. Journal of Marketing, 47(3), 82-91.
Blackwell, R., Paul, W., & Miniard, J. E. (2001). Consumer Behavıor, ıtıon.
Bloch, P. H., Sherrell, D. L., & Ridgway, N. M. (1986). Consumer search: An extended framework. Journal of Consumer Research, 13(1), 119-126.
Bolton, R. N., Kannan, P. K., & Bramlett, M. D. (2000). Implications of loyalty program membership and service experiences for customer retention and value. Journal of the Academy of Marketing Science, 28(1), 95-108.
Bostan, B. (2009). Player motivations: A psychological perspective. Computers in Entertainment (CIE), 7(2), 1-26.
Bourlakis, M., Papagiannidis, S., & Li, F. (2009). Retail spatial evolution: paving the way from traditional to metaverse retailing. Electronic Commerce Research, 9, 135-148.
Carmon, Z., Wertenbroch, K., & Zeelenberg, M. (2003). Option attachment: When deliberating makes choosing feel like losing. Journal of Consumer Research, 30(1), 15-29.
Castronova, E. (2001). Virtual worlds: A First-hand account of market and society on the cyberian frontier.
Castronova, E. (2002). On Virtual Economies”. CESifo Working Paper Series, 752.
Castronova, E. (2004). The price of bodies: A hedonic pricing model of avatar attributes in a synthetic world. Kyklos, 57(2), 173-196.
Castronova, E. (2006). A cost‐benefit analysis of real‐money trade in the products of synthetic economies. Info, 8(6), 51-68.
Castronova, E. (2008). Synthetic worlds: The business and culture of online games. In Synthetic Worlds. University of Chicago press.
Castronova, E., Williams, D., Shen, C., Ratan, R., Xiong, L., Huang, Y., & Keegan, B. (2009). As real as real? Macroeconomic behavior in a large-scale virtual world. New Media & Society, 11(5), 685-707.
Chang, Y. P., & Zhu, D. H. (2012). The role of perceived social capital and flow experience in building users’ continuance intention to social networking sites in China. Computers in Human Behavior, 28(3), 995-1001.
Charlton, J. P., & Danforth, I. D. (2007). Distinguishing addiction and high engagement in the context of online game playing. Computers in Human Behavior, 23(3), 1531-1548.
Chea, S., & Luo, M. M. (2008). Post-adoption behaviors of e-service customers: The interplay of cognition and emotion. International Journal of Electronic Commerce, 12(3), 29-56.
Chesney, Thomas, Chuah, Swee-Hoon., & Hoffmann, Robert (2009). Virtual world experimentation: An exploratory study. Journal of Economic Behaviour and Organization, 72(1), 618-635.
Chin, W. (1998). The partial least squares approach to structural equation modeling. In G. Marcoulides (Ed.), Modern methods for business research (pp. 295-358). Mahwah: Lawrence Erlbaum Associates.
Chiu, C. M., Tan, C. M., Hsu, J. S. C., & Cheng, H. L. (2023). Employee deviance: the impacts of techno-insecurity and moral disengagement. Information Technology & People, 36(1), 140-164.
Choi, B., Lee, I., Lee, K., Jung, S., Park, S., & Kim, J. (2007, January). The effects of users' motivation on their perception to trading systems of digital content accessories: Focusing on trading items in online games. In 2007 40th Annual Hawaii International Conference on System Sciences (HICSS'07) (pp. 161-161). IEEE.
Choi, H. S., Ko, M. S., Medlin, D., & Chen, C. (2018). The effect of intrinsic and extrinsic quality cues of digital video games on sales: An empirical investigation. Decision Support Systems, 106, 86-96.
Coulter, K. S., & Roggeveen, A. (2012). Deal or no deal? How number of buyers, purchase limit, and time‐to‐expiration impact purchase decisions on group buying websites. Journal of Research in Interactive Marketing, 6(2), 78-95.
Curtis, P. (2014). Mudding: Social phenomena in text-based virtual realities. In Culture of the Internet (pp. 121-142). Psychology Press.
Dawes, R. M., Singer, D., & Lemons, F. (1972). An experimental analysis of the contrast effect and its implications for intergroup communication and the indirect assessment of attitude. Journal of Personality and Social Psychology, 21(3), 281.
Dechant, M., Poeller, S., Johanson, C., Wiley, K., & Mandryk, R. L. (2020, April). In-game 　　　and out-of-game social anxiety influences player motivations, activities, and experiences in MMORPGs. In Proceedings of the 2020 CHI conference on human factors in computing systems (pp. 1-14).
De Sousa, Y. F., & Munro, A. (2012). Truck, barter and exchange versus the endowment effect: Virtual field experiments in an online game environment. Journal of Economic Psychology, 33(3), 482-493.
Dodson, E. (2006). Das virtual capital: an economic perspective on playing online games: Fantastic scarcity and Real-market trades.
Drummond, A., & Sauer, J. D. (2018). Video game loot boxes are psychologically akin to gambling. Nature Human Behaviour, 2(8), 530-532.
Duan, H., Li, J., Fan, S., Lin, Z., Wu, X., & Cai, W. (2021, October). Metaverse for social good: A university campus prototype. In Proceedings of the 29th ACM international conference on multimedia (pp. 153-161).
Ducheneaut, N., Yee, N., Nickell, E., & Moore, R. J. (2006, April). " Alone together?" Exploring the social dynamics of massively multiplayer online games. In Proceedings of the SIGCHI conference on Human Factors in computing systems (pp. 407-416).
Dupuis, E. C., & Ramsey, M. A. (2011). The relation of social support to depression in massively multiplayer online role-playing games. Journal of Applied Social Psychology, 41(10), 2479-2491.
Economist. (2017). Looting the punters, 425(9070), 64.
Elkhani, N., & Bakri, A. (2012). Review on “expectancy disconfirmation theory”(EDT) Model in B2C E-Commerce. Journal of Information Systems Research and Innovation, 2(12), 95-102.
Linden, T. (2009). End of Year Second Life Economy Wrap up (including Q4 Economy in Detail). Second Life Blog.
Esteves, J., Valogianni, K., & Greenhill, A. (2021). Online social games: The effect of social comparison elements on continuance behaviour. Information & Management, 58(4), 103452.
Fairfield, J. A. (2005). Virtual Property (Boston University Law Review) Vol. 85-1047). Boston University, Boston.
Festinger, L. (1957). Cognitive dissonance theory. Primary Prevention of HIV/AIDS: Psychological Approaches.
Folkes, V. S. (1988). Recent attribution research in consumer behavior: A review and new directions. Journal of Consumer Research, 14(4), 548-565.
Fornell, C., & Larcker, D. F. (1981). Structural equation models with unobservable variables and measurement error: Algebra and statistics. In: SAGE Publications Sage CA: Los Angeles, CA.
Frijda, N. H., Kuipers, P., & Ter Schure, E. (1989). Relations among emotion, appraisal, and emotional action readiness. Journal of personality and social psychology, 57(2), 212.
Gamer, L. (2009). Virtual item monetization: A powerful revenue opportunity for online game publishers and virtual world operators. Accessed at, 14(10).
Garbarino, E. C., & Edell, J. A. (1997). Cognitive effort, affect, and choice. Journal of Consumer Research, 24(2), 147-158.
Garrett, E. P., Drummond, A., Lowe-Calverley, E., & Sauer, J. D. (2023). Current loot box warnings are ineffective for informing consumers. Computers in Human Behavior, 139, 107534.
Gendolla, G. H., & Koller, M. (2001). Surprise and motivation of causal search: How are they affected by outcome valence and importance?. Motivation and Emotion, 25, 327-349.
Ghazali, E., Mutum, D. S., & Woon, M. Y. (2019). Exploring player behavior and motivations to continue playing Pokémon GO. Information Technology & People, 32(3), 646-667.
Gimbert, X., Bisbe, J., & Mendoza, X. (2010). The role of performance measurement systems instrategy formulation processes. Long Range Planning, 43(4), 477-497.
Goel, L., Johnson, N. A., Junglas, I., & Ives, B. (2011). From space to place: predicting users’ intentions to return to virtual worlds. MIS Quarterly, 35(3), 749-771.
Gorini, A., Mosso, J. L., Mosso, D., Pineda, E., Rulz, N. L., Ramiez, M., Morales, J. L., & Riva, G. (2009). Emotional response to virtual reality exposure across different cultures: the role of the attribution process. Cyberpsychology & Behavior, 12(6), 699-705.
Greer, E. (2013). Building games for the long term: Maximizing monetization and player satisfaction. In Game developers conference’13.
Griffin, J. G., & Broniarczyk, S. M. (2010). The slippery slope: The impact of feature alignability on search and satisfaction. Journal of Marketing Research, 47(2), 323-334.
Guest, T. (2010). Second lives. Random House.
Guo, Y., & Barnes, S. (2007). Why people buy virtual items in virtual worlds with real money. ACM SIGMIS Database: the DATABASE for Advances in Information Systems, 38(4), 69-76.
Guo, Y., & Barnes, S. (2009). Virtual item purchase behavior in virtual worlds: An exploratory investigation. Electronic Commerce Research, 9, 77-96.
Guo, Y., & Barnes, S. (2011). Purchase behavior in virtual worlds: An empirical investigation in Second Life. Information & Management, 48(7), 303-312.
Guo, Y., & Barnes, S. (2012). Explaining purchasing behavior within World of Warcraft. Journal of Computer Information Systems, 52(3), 18-30.
Halstead, D., Hartman, D., & Schmidt, S. L. (1994). Multisource effects on the satisfaction formation process. Journal of the Academy of Marketing Science, 22(2), 114-129.
Hamari, J., & Lehdonvirta, V. (2010). Game design as marketing: How game mechanics create demand for virtual goods. International Journal of Business Science & Applied Management, 5(1), 14-29.
Hamari, J. (2015). Why do people buy virtual goods? Attitude toward virtual good purchases versus game enjoyment. International Journal of Information Management, 35, 299-308.
Hamari, J., & Keronen, L. (2017). Why do people buy virtual goods: A meta-analysis. Computers in Human Behavior, 71, 59-69.
Harman, H. H. (1976). Modern factor analysis. University of Chicago press.
Hoffman, D. L., & Novak, T. P. (1996). Marketing in hypermedia computer-mediated environments: Conceptual foundations. Journal of Marketing, 60(3), 50-68.
HOMSUD, M. N. (2019). THE UPSIDE OF IRRATIONALITY: HOW COGNITIVE BIASES AFFECT CUSTOMER SATISFACTION (Doctoral dissertation, THAMMASAT UNIVERSITY).
Hovland, C. I., Harvey, O. J., & Sherif, M. (1957). Assimilation and contrast effects in reactions to communication and attitude change. The Journal of Abnormal and Social Psychology, 55(2), 244.
Hsu, C.-L., & Lu, H.-P. (2004). Why do people play on-line games? An extended TAM with social influences and flow experience. Information & Management, 41(7), 853-868.
Hsu, M. H., Yen, C. H., Chiu, C. M., & Chang, C. M. (2006). A longitudinal investigation of continued online shopping behavior: An extension of the theory of planned behavior. International journal of human-computer studies, 64(9), 889-904.
Huhh, J. S. (2006). Effects of real-money trading on MMOG demand: a network externality based explanation. Available at SSRN 943368.
Huhh, J. S. (2008). Simple economics of real-money trading in online games. Available at SSRN 1089307.
Hui, K. L., & Chau, P. Y. (2002). Classifying digital products. Communications of the ACM, 45(6), 73-79.
Inman, J. J., & Zeelenberg, M. (2002). Regret in repeat purchase versus switching decisions: The attenuating role of decision justifiability. Journal of Consumer Research, 29(1), 116-128.
Jordan, J., & Bolton, S. (2004). Peer-to-peer file-sharing: capturing value from digital products. European Business Journal, 16(3), 105-112.
Jung, H. S., Kim, K. H., & Lee, C. H. (2014). Influences of perceived product innovation upon usage behavior for MMORPG: Product capability, technology capability, and user centered design. Journal of Business Research, 67(10), 2171-2178.
Juniper Research. (2021). Loot boxes–levelling up for new legislation. Retrieved from http s://reurl.cc/y6M06q. (Accessed 26 September 2023).
Kaburuan, E. R., Chen, C. H., & Jeng, T. S. (2009). Identifying users’ behavior purchasing virtual items. In Proceedings of the International Conference on Electronic Business (ICEB) (pp. 250-256).
Kahneman, D., & Tversky, A. (1979). Prospect theory: An analysis of decision under risk. Econometrica, 47, 263-291.
Kahneman, D., & Tversky, A. (1984). Choices, values and frames. American Psychologist, 39, 341-350.
Kahneman, D., Knetsch, J. L., & Thaler, R. (1990). Experimental tests of the endowment effect and the Coase Theorem. Journal of Political Economy, 98, 728-741.
Kahneman, Daniel, Knetsch, Jack L., & Thaler, Richard H. (1991). The endowment effect, loss aversion, and status quo bias: anomalies. Journal of Economic Perspectives, 115(1), 193-206.
Kamel Boulos, M. N., Hetherington, L., & Wheeler, S. (2007). Second life: an overview of the potential of 3-D virtual worlds in medical and health education. Health Information and Libraries Journal, 24(4), 233-245.
Keltner, D., Ellsworth, P. C., & Edwards, K. (1993). Beyond simple pessimism: effects of sadness and anger on social perception. Journal of Personality and Social Psychology, 64(5), 740.
Khalifa, M. L., V. . (2002). Satisfaction with Internet Based services: The role of expectations and desires. International Journal of Electronic Commerce, 7(2), 31-49.
Kim, B. (2012). Understanding key factors of users’ intentions to repurchase and recommend digital items in social virtual worlds. Cyberpsychology, Behavior, and Social Networking, 15(10), 543-550.
Kim, H. W., Chan, H. C., & Kankanhalli, A. (2012). What motivates people to purchase digital items on virtual community websites? The desire for online self-presentation. Information Systems Research, 23(4), 1232-1245.
Kim, K., Ryu, E., Chon, M. Y., Yeun, E. J., Choi, S. Y., Seod, J. S., et al. (2006). Internet addiction in Korean adolescents and its relation to depression and suicidal ideation: A questionnaire survey. International Journal of Nursing Studies, 43, 185-192.
Kim, M. G., Lee, C. H., & Mattila, A. S. (2014). Determinants of customer complaint behavior in a restaurant context: The role of culture, price level, and customer loyalty. Journal of Hospitality Marketing & Management, 23(8), 885-906.
Knetsch, J. L., & Sinden, J. A. (1984). Willingness to pay and compensation demanded: Experimental evidence of an unexpected disparity in measures of value. The Quarterly Journal of Economics, 99(3), 507-521.
Knetsch, J. L. (1989). The endowment effect and evidence of nonreversible indifference curves. The American Economic Review, 79, 1277-1284.
Knowles, I., & Castronova, E. (2016). The economics of virtual worlds. In Handbook on the Economics of the Internet (pp. 495-509). Edward Elgar Publishing.
Kogler, C., Kühberger, A., & Gilhofer, R. (2013). Real and hypothetical endowment effects when exchanging lottery tickets: Is regret a better explanation than loss aversion?. Journal of Economic Psychology, 37, 42-53.
Koo, D. M. (2009). The moderating role of locus of control on the links between experiential motives and intention to play online games. Computers in Human Behavior, 25(2), 466-474.
Kőszegi, B., & Rabin, M. (2006). A model of reference-dependent preferences. The Quarterly Journal of Economics, 121(4), 1133-1165.
Kübler, R., Pauwels, K., Yildirim, G., & Fandrich, T. (2018). App popularity: Where in the world are consumers most sensitive to price and user ratings? Journal of Marketing, 82, 20-44.
Laurel, B. (2013). Computers as theatre. Addison-Wesley.
Lee, M. C. (2010). Explaining and predicting users’ continuance intention toward e-learning: An extension of the expectation–confirmation model. Computers & Education, 54(2), 506-516.
Lehdonvirta, V. (2005). Real-money trade of virtual assets: ten different user perceptions. Proceedings of Digital Arts and Culture (DAC 2005), IT University of Copenhagen, Denmark, 52-58.
Lehdonvirta, V. (2005, October). Virtual economics: applying economics to the study of game worlds. In Proceedings of the 2005 Conference on Future Play (Future Play 2005), Lansing, MI.
Lehdonvirta, V. (2008). Real-money trade of virtual assets: new strategies for virtual world operators. Virtual Worlds, Ipe, Mary, ed, 113-137.
Lehdonvirta, V. (2009). Virtual item sales as a revenue model: Identifying attributes that drive purchase decisions. Electronic Commerce Research, 9, 97-113.
Lerner, J. S., Small, D. A., & Loewenstein, G. (2004). Heart strings and purse strings-Carryover effects of emotions on economic decisions. Psychological Science, 15, 337-341.
Liao, C., Lin, H. N., Luo, M. M., & Chea, S. (2017). Factors influencing online shoppers’ repurchase intentions: The roles of satisfaction and regret. Information & Management, 54(5), 651-668.
Lin, C. H., Chuang, S. C., Kao, D. T., & Kung, C. Y. (2006). The role of emotions in the endowment effect. Journal of Economic Psychology, 27(4), 589-597.
Lin, H., & Sun, C. T. (2007, January). Cash trade within the magic circle: Free-to-play game challenges and massively multiplayer online game player responses. In Proceedings of DiGRA 2007 Conference: Situated Play.
Lin, K. Y., & Lu, H. P. (2011). Why people use social networking sites: An empirical study integrating network externalities and motivation theory. Computers in Human Behavior, 27(3), 1152-1161.
Loewenstein, G., & Adler, D. (1995). A bias in the prediction of tastes. The Economic Journal, 105(431), 929-937.
Loomes, G., & Sugden, R. (1982). Regret theory: An alternative theory of rational choice under uncertainty. The Economic Journal, 92(368), 805-824.
Luck, S. J. (2014). An introduction to the event-related potential technique. MIT press.
Luo, X., Andrews, M., Song, Y., & Aspara, J. (2014). Group-buying deal popularity. Journal of Marketing, 78(2), 20-33.
Machleit, K. A., & Mantel, S. P. (2001). Emotional response and shopping satisfaction: Moderating effects of shopper attributions. Journal of Business Research, 54(2), 97-106.
Manninen, T., & Kujanpää, T. (2007). The value of virtual assets: the role of game characters in MMOGs. International Journal of Business Science & Applied Management (IJBSAM), 2(1), 21-33.
Mäntymäki, M., & Salo, J. (2011). Teenagers in social virtual worlds: Continuous use and purchasing behavior in Habbo Hotel. Computers in Human Behavior, 27(6), 2088-2097.
Market Intelligence & Consulting Institute (2011, January 25). Internet video games are still hot, and SNS has risen in these years. Retrieved from http://www.mic.iii.org.tw/aisp/pressroom/press 01_pop.asp?sno=244&type1=2
Martinez, L. F., Zeelenberg, M., & Rijsman, J. B. (2008). Why valence is not enough in the study of emotions: Behavioral differences between regret and disappointment. Psicologia, 22(2), 109-121.
Martinez, L. F., Zeelenberg, M., & Rijsman, J. B. (2011). Regret, disappointment and the endowment effect. Journal of Economic Psychology, 32(6), 962-968.
McInnes, I., Park, Y. J., & Whang, S. M. (2008). Virtual world governance: digital item trade and its consequences in Korea. In Virtual Worlds (pp. 157-183). The Icfai Press.
Messinger, P. R., Ge, X., Stroulia, E., Lyons, K., Smirnov, K., & Bone, M. (2008). On the relationship between my avatar and myself. Journal For Virtual Worlds Research, 1(2).
Messinger, P. R., Stroulia, E., Lyons, K., Bone, M., Niu, R. H., Smirnov, K., & Perelgut, S. (2009). Virtual worlds—past, present, and future: New directions in social computing. Decision Support Systems, 47(3), 204-228.
Moon, J. Y., Lee, S. C., Kim, N. H., & Suh, Y. H. (2005, November). What is difference between Korean and Japanese online game users: Analysis with a multi-group structural model. In 2005 First International Conference on Semantics, Knowledge and Grid (pp. 112-112). IEEE.
Morewedge, C. K., Shu, L. L., Gilbert, D. T., & Wilson, T. D. (2009). Bad riddance or good rubbish? Ownership and not loss aversion causes the endowment effect. Journal of Experimental Social Psychology, 45, 947-951.
Nagygyörgy, K., Urbán, R., Farkas, J., Griffiths, M. D., Zilahy, D., Kökönyei, G., et al. (2012). Typology and socio-demographic characteristics of massively multiplayer online game players. International Journal of Human-Computer Interaction, 29(3), 192-200.
Newman, J. W., & Werbel, R. A. (1973). Multivariate analysis of brand loyalty for major household appliances. Journal of Marketing Research, 10(4), 404-409.
Novemsky, N., & Kahneman, D. (2005). The boundaries of loss aversion. Journal of Marketing Research, 42(2), 119-128.
Nunnally, J. C. (1978). An overview of psychological measurement. Clinical Diagnosis of Mental Disorders: A Handbook, 97-146.
Oh, G., & Ryu, T. (2007, January). Game design on item-selling based payment model in Korean online games. In Proceedings of DiGRA 2007 Conference: Situated Play.
Oliver, R. L. (1980). A cognitive model of the antecedents and consequences of satisfaction decisions. Journal of Marketing Research, 17(4), 460-469.
Oliver, R. L. (1997). Satisfaction: a behavioral perspective on the consumer New York. NY: McGraw-Hill.
Oliver, R. L. (2014). Satisfaction: A behavioral perspective on the consumer: A behavioral perspective on the consumer. Routledge.
Ondrejka, C. (2004). Living on the edge: digital worlds which embrace the real world. Available at SSRN 555661.
Ortona, G., & Scacciati, F. (1992). New experiments on the endowment effect. Journal of Economic Psychology, 13(2), 277-296.
Papagiannidis, S., Bourlakis, M., & Li, F. (2008). Making real money in virtual worlds: MMORPGs and emerging business opportunities, challenges and ethical implications in metaverses. Technological Forecasting and Social Change, 75(5), 610-622.
Park, B.-W., & Lee, K. C. (2011). An empirical analysis of online gamers’ perceptions of game items: Modified theory of consumption values approach. Cyberpsychology, Behavior, and Social Networking, 14(7-8), 453-459.
Park, J., Hill, W. T., & Bonds-Raacke, J. (2015). Exploring the relationship between cognitive effort exertion and regret in online vs. offline shopping. Computers in Human Behavior, 49, 444-450.
Pavlou, P. A., & Gefen, D. (2004). Building effective online marketplaces with institution-based trust. Information Systems Research, 15(1), 37-59.
Petter, S., Straub, D., & Rai, A. (2007). Specifying formative constructs in information systems research. MIS Quarterly, 623-656.
Petty, R. E., & Cacioppo, J. T. (1984). Source factors and the elaboration likelihood model of persuasion. Advances in Consumer Research, 11(1), 668-672.
Punj, G. N., & Staelin, R. (1983). A model of consumer information search behavior for new automobiles. Journal of Consumer Research, 9(4), 366-380.
Qazi, A., Tamjidyamcholo, A., Raj, R. G., Hardaker, G., & Standing, C. (2017). Assessing consumers' satisfaction and expectations through online opinions: Expectation and disconfirmation approach. Computers in Human Behavior, 75, 450-460.
Rachmadi, R., Chairullah, R., Levina, V., Pambudi, M. R., Warnars, H. L. H. S., & Matsuo, T. (2019, July). Online Game Marketplace for Online Game Virtual Item Transaction. In 2019 8th International Congress on Advanced Applied Informatics (IIAI-AAI) (pp. 869-872). IEEE.
Reynolds, K. E., Folse, J. A. G., & Jones, M. A. (2006). Search regret: Antecedents and consequences. Journal of Retailing, 82(4), 339-348.
Riva, G., Mantovani, F., Capideville, C. S., Preziosa, A., Morganti, F., Villani, D., Gaggioli, A., Botella, C., & Alcaniz, M. (2007). Affective interactions using virtual reality: the link between presence and emotions. Cyberpsychology & Behavior, 10(1), 45-56.
Robertson, J., & Good, J. (2005). Story creation in virtual game worlds. Communications of the ACM, 48(1), 61-65.
Roese, N. J. (1997). Counterfactual thinking. Psychological bulletin, 121(1), 133.
Roseman, I. J. (1996). Appraisal determinants of emotions: Constructing a more accurate and comprehensive theory. Cognition & Emotion, 10(3), 241-278.
Russell, D., & McAuley, E. (1986). Causal attributions, causal dimensions, and affective reactions to success and failure. Journal of Personality and Social Psychology, 50(6), 1174.
Russo, J. E., & Dosher, B. A. (1983). Strategies for multiattribute binary choice. Journal of Experimental Psychology: Learning, Memory, and Cognition, 9(4), 676.
Saffrey, C., Summerville, A., & Roese, N. J. (2008). Praise for regret: People value regret above other negative emotions. Motivation and Emotion, 32, 46-54.
Sagi, A., & Friedland, N. (2007). The cost of richness: The effect of the size and diversity of decision sets on post-decision regret. Journal of Personality and Social Psychology, 93(4), 515-524.
Santos, J., & Boote, J. (2003). A theoretical exploration and model of consumer expectations, post‐purchase affective states and affective behaviour. Journal of Consumer Behaviour: An International Research Review, 3(2), 142-156.
Scarle, S., Arnab, S., Dunwell, I., Petridis, P., Protopsaltis, A., & de Freitas, S. (2012). E-commerce transactions in a virtual environment: virtual transactions. Electronic Commerce Research, 12, 379-407.
Schachter, S., & Singer, J. (1962). Cognitive, social, and physiological determinants of emotional state. Psychological Review, 69(5), 379.
Schlosser, A. E. (2003). Experiencing products in the virtual world: The role of goal and imagery in influencing attitudes versus purchase intentions. Journal of Consumer Research, 30(2), 184-198.
Schroeder, R. (2002). Social interaction in virtual environments: Key issues, common themes, and a framework for research. In The social life of avatars: Presence and interaction in shared virtual environments (pp. 1-18). London: Springer London.
Sherif, C. W. (1963). Social Categorization as a Function of Latitude of Acceptance and Series Range. Journal of Abnormal and Social Psychology, 67, 148-156.
Staer, A. (2005). Real money trade model in virtual economies. Available at SSRN 958286.
Statista. (2022a). Number of video gamers worldwide in 2021, by region. Retrieved from https://reurl.cc/8oW7p4. (Accessed 26 September 2023).
Statista. (2022b). Online games-worldwide. Retrieved from https://reurl.cc/GxoDXW. (Accessed 26 September 2023).
Strack, F., Bahník, Š., & Mussweiler, T. (2016). Anchoring: accessibility as a cause of judgmental assimilation. Current Opinion in Psychology, 12, 67-70.
Swait, J., & Adamowicz, W. (2001). The influence of task complexity on consumer choice: A latent class model of decision strategy switching. Journal of Consumer Research, 28(1), 135-148.
Swatman, R. (2016). Pokémon Go catches five new world records. Guinness World Records. Retrieved February 22, 2017, from http://www.guinnessworldrecords.com/news/2016/8/pokemon-go-catches-five-world-records-439327
Tan, W. K., & Yang, C. Y. (2022). An exploration of MMORPG in-game virtual-item contribution to game enjoyment from the perspectives of purchase behavior and psychological ownership. Computers in Human Behavior, 134, 107303.
Tassi, P. (2014). Riot’s “League of Legends” reveals astonishing 27 million daily players, 67 million monthly. Forbes.
Taylor, J., & Taylor, J. (2009). A content analysis of interviews with players of massively multiplayer online role-play games (MMORPGs): Motivating factors and the impact on relationships. In Online Communities and Social Computing: Third International Conference, OCSC 2009, Held as Part of HCI International 2009, San Diego, CA, USA, July 19-24, 2009. Proceedings 3 (pp. 613-621). Springer Berlin Heidelberg.
Thaler, R. (1980). Toward a positive theory of consumer choice. Journal of Economic Behavior & Organization, 1(1), 39-60.
Thaler, R. H. (1985). Mental accounting and consumer choice. Marketing Science, 4, 199-214.
Thong, J. Y., Hong, S. J., & Tam, K. Y. (2006). The effects of post-adoption beliefs on the expectation-confirmation model for information technology continuance. International Journal of Human-Computer Studies, 64(9), 799-810.
Van Dijk, E., & Van Knippenberg, D. (1996). Buying and selling exchange goods: Loss aversion and the endowment effect. Journal of Economic Psychology, 17, 517-524.
Van Dijk, E., & Zeelenberg, M. (2005). On the psychology of ‘if only’: Regret and the comparison between factual and counterfactual outcomes. Organizational Behavior and Human Decision Processes, 97(2), 152-160.
Van Dreunen, J. (2011, April). A business history of video games: Revenue models from 1980 to today. In Game Behind the Video Game: Business, Regulations, and Society in the Gaming Industry Conference, New Brunswick, NJ.
Walker, A. (2016). League Of Legends Made More Revenue In 2015 Than CSGO, Dota 2 And World Of Warcraft Combined. Kotaku. Retrieved October 27, 2016, from http://www.kotaku.com.au/2016/01/league-of-legends-mademore-revenue-in-2015-than-csgo-dota-2-and-world-of-warcraft-combined
Wang, W. T., & Chang, W. H. (2014). A study of virtual product consumption from the expectancy disconfirmation and symbolic consumption perspectives. Information Systems Frontiers, 16, 887-908.
Weiner, B. (2000). Attributional thoughts about consumer behavior. Journal of Consumer Research, 27(3), 382-387.
Whinston, A. B., Choi, S. Y., & Stahl, D. O. (1997). The Economics of Electronic Commerce.
Williams, D., Yee, N., & Caplan, S. E. (2008). Who plays, how much, and why? Debunking the stereotypical gamer profile. Journal of Computer-Mediated Communication, 13, 993-1018.
Wu, J., & Liu, D. (2007). The effects of trust and enjoyment on intention to play online games. Journal of Electronic Commerce Research, 8(2).
Yamamoto, S., & Navarro-Martinez, D. (2022). The endowment effect in the future: How time shapes buying and selling prices. Judgment and Decision Making, 17(5), 988-1014.
Yee, N. (2006). Motivations for play in online games. CyberPsychology & Behavior, 9(6), 772-775.
Yi, S., & Baumgartner, H. (2004). Coping with negative emotions in purchase-related situations. Journal of Consumer Psychology, 14(3), 303-317.
Zeelenberg, M., van Dijk, W. W., & Manstead, A. S. (1998). Reconsidering the relation between regret and responsibility. Organizational Behavior and Human Decision Processes, 74(3), 254-272.
Zeelenberg, M., Van Dijk, W. W., Manstead, A. S., & vanr de Pligt, J. (2000). On bad decisions and disconfirmed expectancies: The psychology of regret and disappointment. Cognition & Emotion, 14(4), 521-541.
Zeelenberg, M. (1999). Anticipated regret, expected feedback and behavioral decision making. Journal of Behavioral Decision Making, 12(2), 93-106.
Zeelenberg, M., Nelissen, R. M., Breugelmans, S. M., & Pieters, R. (2008). On emotion specificity in decision making: Why feeling is for doing. Judgment and Decision Making, 3(1), 18-27.
Zeelenberg, M., & Pieters, R. (2006). Looking backward with an eye on the future. Judgments over time: The Interplay of Thoughts, Feelings, and Behaviors, 210-229.
Zhu, F., & Zhang, X. M. (2010). Impact of online consumer reviews on sales: The moderating　　　role of product and consumer characteristics. Journal of Marketing, 74(2), 133-148.