Treasure or Bargain? The Influence of Mortality Salience on Possession Valuation

Abstract

The present study discusses the role of self-esteem in moderating the relationship between mortality salience and valuation of possessions. Terror Management Theory (TMT) proposes that self-esteem serves as an anxiety buffer when thoughts of death are salient and that compared to people with low self-esteem, individuals with high self-esteem are less defensive in response to mortality salience. On the other hand, studies about the mere-ownership effect suggest that people with high self-esteem extend their positive self-evaluation to the evaluation of possessions just because they own them. Thus, self-esteem affects both reactions to mortality salience and the valuation process. However, no studies have explored the effect of mortality salience on possession valuation. The present study suggests that when reminded of death, people with low self-esteem raise the minimum selling price of owned objects, while people with high self-esteem lower the price. A moderation model shows that self-esteem moderates the relationship between mortality salience and valuation of possession.