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In a voluntary consumer market, the consumer's decision‐making process is still a magnetic topic although a large number of related studies have been conducted. The purpose of this paper is to explore the determining factors for the future adoption of an innovation service and proposes a new model to better explain consumer's adoption intention.

Social cognitive theory is introduced in the paper to explore consumer behavior in terms of triadic and reciprocal causation among value, self‐efficacy, and adoption constructs. Based on the theoretical framework, a self‐efficacy‐based value adoption model (SVAM) is proposed to study the adoption of mobile auction (m‐auction) – one of mobile‐internet services in an empirical manner. The analysis of measurement and structural model is conducted via LISREL 8.80.

Research results indicate that the instruments are reliable and valid and the model is well accepted. Perceived functional, social, and emotional values are tested to have a significant influence on perceived value. Perceived cost is negatively related to perceived value and positively to attitude. m‐auction self‐efficacy (MASE) comes from subjective and objective general self‐efficacy, which not only directly impacts attitude but also strongly influences perception of all the antecedents of perceived value.

Although SVAM is proved to be successful in this paper, it still needs more experimental research from different research contexts and authors to be supported.

Compared with previous research on innovation adoption, results show that the model is more effective in explaining the adoption intention (R²=0.72). Just like perceived value has a significantly impact on attitude, self‐efficacy of m‐auction has an essential role in perceived values and cost and attitude. The result fully demonstrates that the value adoption model based on self‐efficacy is a better technology acceptance model, especially for a voluntary consumer market.