隨著NFT在數位資產市場中的快速崛起，其吸引了眾多投資者和創作者的目光。然而，隨著市場的逐漸成熟，一些NFT項目在初期的熱潮過後，開始失去市場的吸引力，這導致市場波動加劇，交易量隨之放緩。儘管如此，NFT市場的銷售額依然保持增長趨勢。對於平台而言，持有者的活躍度與再交易行為成為關鍵，因為這些行為直接關聯到平台的可持續發展和市場地位。稟賦效應為理解這一現象提供了有力的框架，揭示了當個體擁有某一物品時，其對該物品的價值評估會明顯高於未擁有時。此一效應導致NFT持有者在擁有NFT後，對其賦予更高的價值，進而影響其交易決策行為。WTA-WTP差異通常被用來作為衡量稟賦效應的指標。本研究基於「可供性-心理結果-行為結果」框架，旨在探討在NFT情境下，透過平台設計機制提供的社會認可可供性與預測可供性資訊，如何影響持有者的價值評估差異(即WTA-WTP差異)。同時，研究進一步檢驗了持有者對所持有NFT特性(即稀少性)對價值評估差異的影響。此外，本研究也關注持有者對NFT整體市場威脅的感知(即環境不確定性)如何影響價值評估差異與交易行為之間的關係，並探討損失規避程度在其中的調節作用。
本研究採用準實驗結合問卷調查的方法進行實證檢驗，透過實驗平台進行交易並結合線上問卷調查收集樣本資料。實驗設計採用2(社會認可可供性：正向 vs. 負向) × 2(預測可供性：上漲 vs. 下跌)的雙因子受試者間設計，並加入無提供資訊作為對照組進行基線比較。結果顯示，平台可供性提供的正面和負面資訊顯著影響持有者的價值評估差異。與無提供資訊相比，正面資訊擴大了價值評估差異，而負面資訊則減少了這種差異。特別是在預測可供性提供的未來價格趨勢下，價值評估差異的變化尤為明顯且極端化。持有者對所持有NFT的稀少性顯著影響價值評估差異，而持有者對NFT環境不確定性的感知則未顯示出顯著影響。此外，損失規避顯著影響社會認可可供性對價值評估差異的影響，但對預測可供性則無顯著影響。

As NFTs rapidly rise in the digital asset market, they have garnered significant attention from investors and creators alike. However, as the market matures, some NFT projects have lost their initial appeal, leading to increased market volatility and a slowdown in trading volume. Despite this, the overall sales in the NFT market continue to show an upward trend. For platforms, the holder's activity and re-trading behavior of holders are crucial, as these factors directly impact the platform's sustainability and market position. The endowment effect provides a powerful framework for understanding this phenomenon, revealing that when an individual owns an item, their valuation of it is significantly higher than when they do not. This effect causes NFT holders to attribute higher value to their NFTs, influencing their trading decisions. The WTA-WTP disparity is often used as an indicator of the endowment effect. This study, based on the "Affordance-Psychological Outcome-Behavioral Outcome" framework, aims to explore how the information provided by platform design mechanisms, specifically social endorsement affordance and prediction affordance, impacts holders' valuation disparity (i.e., WTA-WTP disparity) in the context of NFTs. Additionally, the study examines the influence of NFT characteristics, such as scarcity, on valuation disparity. Furthermore, it investigates how holders' perceptions of market threats (i.e., environmental uncertainty) affect the relationship between valuation disparity and trading behavior, while also exploring the moderating role of loss aversion.
This research employs a quasi-experimental design combined with a survey method to conduct empirical tests, collecting sample data through an experimental platform for trading and online surveys. The experimental design uses a 2 (social endorsement affordance: positive vs. negative) × 2 (prediction affordance: increase vs. decrease) between-subjects factorial design, with a no-information control group for baseline comparison. The results indicate that platform affordances' positive and negative information significantly affects holders' valuation disparity. Compared to the control group, positive information expands the valuation disparity, while negative information reduces it. Notably, the disparity is more pronounced and polarized under future price trends predicted by the prediction affordances. The scarcity of NFTs significantly influences valuation disparity, whereas the environmental uncertainty does not show a significant effect. Additionally, loss aversion significantly impacts the influence of social endorsement affordance on valuation disparity but has no significant effect on prediction affordance.

論文審定書 i
誌謝 ii
摘要 iii
Abstract iv
目錄 vi
圖次 ix
表次 x
第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究問題與目的 4
第二章 文獻探討 5
第一節 非同質化代幣 5
第二節 可供性-心理結果-行為結果框架 11
第三節 可供性理論 13
第四節 稟賦效應 20
第五節 損失規避 27
第三章 研究方法 29
第一節 研究模型 29
第二節 研究假説 30
一、平台可供性與價值評估差異之間的關係 30
二、稀少性與價值評估差異之間的關係 32
三、價值評估差異與交易行為之間的關係 33
四、環境不確定性之干擾效果 34
五、損失規避之干擾效果 35
第三節 操作型定義 36
第四節 實驗設計 37
一、實驗對象 37
二、實驗前測 38
三、正式實驗流程 41
四、問卷設計與變數衡量 51
第四章 資料分析 54
第一節 樣本基本資料分析 54
第二節 操弄檢定與比較WTA和WTP價格差異 56
一、操弄檢定 56
二、比較WTA和WTP價格差異 58
第三節 衡量模型 59
一、信度分析 60
二、收斂效度分析 61
三、區別效度分析 62
四、共線性分析 64
五、共同方法偏誤 65
第四節 結構模型及假說驗證 67
第五章 結論與建議 75
第一節 研究結論 75
一、平台可供性對持有者價值評估差異的影響 75
二、NFT特性與威脅對持有者價值評估差異的影響 76
三、持有者價值評估差異對交易行為的影響 77
四、損失規避的干擾效果 77
第二節 理論與實務意涵 78
一、理論面 78
二、實務面 80
第三節 研究限制與未來研究方向 82
一、研究限制 82
二、未來研究方向 83
參考文獻 85
附錄一 前測問卷 (一) 101
附錄二 前測問卷 (二) 102
附錄三 前測問卷 (三) 104
附錄四 正式實驗問卷與流程 106

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