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The P2P software program Kazaa has nearly 1/3 of a billion registered users globally ([33] Graham, 2004).
Exchange is perhaps the lowest common denominator inherent in both classic ([5] Bagozzi, 1975) and more contemporary ([83] Vargo and Lusch, 2004) conceptualizations of marketing. It captures the give and take that occurs within the context of a relationship between constituent actors. The internet has fostered the unprecedented growth of new forms of exchange between individual consumers who operate in conjunction with one another, all outside the realm of traditional channels and the value chain, broadly construed. These types of exchanges are often referred to as "consumer-to-consumer" (C2C) exchanges.
One type of these C2C exchanges - or so-called "peer-to-peer" (P2P) exchange - is permanently altering how individuals consume certain categories of goods and services, and in the process, is upending entire industries (consider, for example, the multi-billion dollar industries of music, film, publishing, and software - see [47] Kessler, 2002; [72] Roth, 2004; [77] Shirky, 2001). To date, the business literature surrounding C2C and, more specifically, P2P exchange has been sparse and for the most part has either advanced purely theoretical or conceptual arguments and conjecture as to why these new forms of exchange have become so commonplace.
This research is among the first to attempt cast an empirical understanding of key factors underlying one pervasive and important form of C2C exchange. Specifically, we examine the case of P2P systems, beginning by first providing a baseline overview of how P2P systems work and why they represent a pressing issue for managerial attention. Next, we offer a brief literature review which indicates that the topic of P2P exchange has to-date received little treatment, particularly of an empirical nature. Following this, our theoretical foundation is detailed as are the key dependent variables within our research model: (1) "satisfaction" with, (2) "usage" of, and (3) "future behavioral intent" toward P2P systems. In constructing the research model and hypotheses, we look to the existing literature to inform our thinking about which types of antecedents may be germane to the emergence and unprecedented popularity of P2P systems. We then confront the research model with data captured from a survey of consumers active in one form of P2P exchange (the "swapping" of pirated music)....