The Dual Drivers of Secondary Market Premiums: Endowment Effect and Speculative Demand in Game IP Merchandise

The rising "goods economy", resulting from the conversion of anime game intellectual property (IP) into wealth, emphasizes the significance of the character products. In this context, the secondary market value of anime game IP products becomes an important topic in the "goods economy". This phenomenon can be illustrated by the prize market of "Ichiban Kuji". This paper uses the Dan Heng Ichiban Kuji plush from Honkai: Star Rail as an example. The formation of these values is not merely determined by the supply and demand, but is mainly affected by psychological factors. From the viewpoint of behavioral economics, this paper studies the joint impact of the endowment effect and speculative demand on the secondary market value. The research shows that the endowment effect, caused by the player's attachment to the character, leads to unwillingness to sell and reduces the market liquidity. This shortage of supply facilitates speculative activities. The speculative demand based on the idea of scarcity results in price bubbles. Ultimately, all these cause damage to the IP brand and decrease the benefits of general consumers, such as financial losses and feelings of injustice. To deal with these complicated issues and restore the market balance, this paper proposes official purchase, price control in the secondary market, and consumer rational education. These proposals provide both theoretical and practical guidance for managing the secondary market of game merchandise.