12 Questions
What is the psychological impact of losing valuables according to the text?
It causes grief or trauma greater than the loss of finances.
At what age does materialism tend to peak according to the text?
15-17 years old
What does conspicuous consumption refer to?
Public display of economic power through spending on luxurious goods
What does sentimental value in childhood objects indicate?
Magical thinking in children
What concept suggests that individuals tend to purchase products congruent with their sense of self?
Product-Image Congruity
What motivates some fans to wait for hours or spend large amounts of money for limited edition items?
'Cool Tribe' Membership
What did William James define as the material self?
Tangible objects that we associate with our identities
At what age do children start exhibiting the 'endowment effect' according to the text?
6 years old
What concept does Piaget observe in babies regarding their toys being taken away?
Aggression and jealousy
How do children aged 2 to 4 perceive ownership according to the text?
They believe the first possessor remains the owner
In what way did William James suggest material possessions influence our sense of self?
Significantly
What term is used to describe the phenomenon where someone prefers objects they already possess over new ones?
'Endowment effect'
Study Notes
Attachment Object
- At 22 months old, babies in daycare exhibit conflicts over defending possessed objects or wanting to take another's object, showcasing intense relationships with favorite toys.
- Children's magical thinking leads them to believe that special objects have a unique essence, making them respond with horror if someone tries to take or copy their favorite toy.
Materialism
- Research shows that materialism peaks in middle adolescence (15-17 years old), coinciding with low self-esteem.
- Giving adolescents a sense of self-worth and achievement can reduce their materialistic attitude.
Sense of Identity
- Brain scans reveal that areas associated with self-thinking are activated when individuals see objects labeled as "mine", indicating a link between identity and possessions.
- The concept of product-image congruity suggests that people buy products that align with their sense of self, using brands, designs, and logos to communicate their self-concept.
Conspicuous Consumption
- Conspicuous consumption is the public display of economic power through luxurious spending, often used to communicate socio-economic status.
- Wearing branded shirts can increase success in convincing strangers, getting hired, and soliciting money.
Membership
- Possessing certain things can signal association with specific social groups, driving loyalty and motivation to acquire products with logos.
- Some individuals seek to be part of the "cool tribe" and will go to great lengths to acquire limited edition products.
Loss
- The more possessions are linked to identity, the more precious they become, leading to grief or trauma when lost, destroyed, or stolen.
- The psychological impact of loss can be greater than financial loss.
Disposal
- Intentionally letting go of possessions can be challenging due to their emotional significance.
Possessions and Behavior
- Our relationships with objects have evolved over time, with understanding of ownership developing from 2 years old.
- By 2-4 years old, children assume the first possessor is always the owner, and by 6 years old, they exhibit the "endowment effect", preferring possessed objects.
- Even babies show signs of aggression when their toys are taken away, demonstrating envy and jealousy.
Explore how material possessions influence our sense of self according to William James' definition of the material self. Understand how our identities are associated with tangible objects and how economic pursuits can impact our decisions.
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