The Limits of Fungibility: Relational Schemata and the Value of Things

A Peter McGraw, Philip E Tetlock and Orie V Kristel

Journal of Consumer Research, 2003, vol. 30, issue 2, 219-29

Abstract: Four experiments test predictions on endowment and mental accounting effects of a theoretical perspective that stresses the symbolic-relational significance for consumer transactions and that posits the placement of qualitative boundaries on fungibility. Although people accepted proposals to buy objects acquired in market-pricing relationships as routine, the same proposals in communal-sharing, authority-ranking, and equality-matching relationships triggered distress and erratically high dollar valuations. Symbolic ownership history also moderated valuations in a purely market setting, and the effects of symbolic-relational source of income extended even to spending decisions. Examination of the model's ordinal predictions revealed stronger effects for equality-matching than for authority-ranking relationships. Copyright 2003 by the University of Chicago.

Date: 2003
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Persistent link: https://EconPapers.repec.org/RePEc:oup:jconrs:v:30:y:2003:i:2:p:219-29

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