This study examines consumer acceptance of refurbished durables in Korea using a two-part design that links behavioral intention to the minimum discount required to switch from new to refurbished. Using an online panel of adults and a massage-chair category frame, we model purchase intention with explainable machine-learning and report SHAP attributions for attitudes toward refurbishment and attribute-importance items (price, warranty, hygiene, seller credibility, reviews, performance, appearance). We then elicit willingness-to-accept (WTA) using a double-bounded dichotomous-choice sequence and estimate the discount distribution via interval-censored accelerated failure-time models. Results show attitudes toward refurbished products as the dominant positive driver of intention, while stronger concerns about hygiene and warranty increase the discount required. The model-based median WTA is approximately 15% off list price, with meaningful heterogeneity across segments. Findings provide actionable pricing, assurance, and labeling guidance for firms and policy makers seeking to expand trustworthy refurbished channels that improve affordability and sustainability without compromising perceived quality.
Author(s): Yuhyun Seo, Eunjung Lim, Eunsil Hong, Jiyeon Son
