Technological innovations are creating new products, services, and markets that satisfy enduring consumer needs. These technological innovations create value for consumers and firms in many ways, but they also disrupt psychological ownership––the feeling that a thing is “MINE.” The authors describe two key dimensions of this technology-driven evolution of consumption pertaining to psychological ownership: (1) replacing legal ownership of private goods with legal access rights to goods and services owned and used by others and (2) replacing “solid” material goods with “liquid” experiential goods. They propose that these consumption changes can have three effects on psychological ownership: they can threaten it, cause it to transfer to other targets, and create new opportunities to preserve it. These changes and their effects are organized in a framework and examined across three macro trends in marketing: (1) growth of the sharing economy, (2) digitization of goods and services, and (3) expansion of personal data. This psychological ownership framework generates future research opportunities and actionable marketing strategies for firms aiming to preserve the positive consequences of psychological ownership and navigate cases for which it is a liability.
We demonstrate that decision making is more heuristic in situations that involve spending time rather than money. Relative to participants in the money condition, those in the time condition show a higher propensity to choose a compromise option (experiment 1) and to rely on an arbitrary anchor (experiment 2). We propose that such heuristics are used more for time because, compared to monetary expenditures, temporal expenditures are harder to account for. Consistent with this proposition, when participants in both time and money conditions are primed to account for their expenditures, they no longer differ in their use of heuristics. The associated response times offer additional process evidence (experiment 3). (c) 2008 by JOURNAL OF CONSUMER RESEARCH, Inc..
Quantitative changes may be conveyed to consumers using small units (e.g., change in delivery time from 7 to 21 days) or large units (1–3 weeks). Numerosity research suggests that changes are magnified by small (vs. large) units because a change from 7 to 21 (vs. 1–3) seems larger. We introduce a reverse effect that we term unitosity: changes are magnified by large (vs. small) units because a change of weeks (vs. days) seems larger. We show that numerosity reverses to unitosity when relative salience shifts from numbers to units (study 1). Then, arguing that numbers (units) represent a low-level (high-level) construal of quantities, we show this reversal when mind-set shifts from concrete to abstract (studies 2–4). These results emerge for several quantities—height of buildings, time of maturity of financial instruments, weight of nutrients, and length of tables—and have significant implications for theory and practice.
After people incur costs to get future benefits, they usually track these costs in their mental accounts and are keen to receive the benefits when they become available. We introduce the notion that costs and benefits can occur either in the same accounting period (day, season, etc.) or in different periods. Our key argument is that monetary costs are tracked across accounting periods but that temporal costs are written off at the end of the period in which they are incurred. Thus, accounting periods lead to a time-money asymmetry in the tracking of costs and, consequently, in the likelihood of seeking benefits. In a laboratory study, an online-panel study, and a field study with movie-theater patrons, we demonstrate how this relationship among accounting periods, cost tracking, and benefit seeking is different for time than for money. Our findings offer insights into the sunk-cost effect, time-money differences, and mental accounting. (c) 2010 by JOURNAL OF CONSUMER RESEARCH, Inc..
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