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May 6, 2013

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There is no such thing as inherent value. In market economy, something is worth only what someone else is willing to pay for. That makes a perfect sense as long as we do not put ourselves into the equation. Just try to sell your favourite items and you could easily end up disappointed.

We tend to perceive our belongings as an extension of ourselves. While they become a part of our identity, their value increases. That is particularly apparent on a second hand market. The sellers are often placing higher prices on their belongings, while buyers, not yet emotionally attached to them, are not willing to pay that price. The new research suggests, the more we overvalue our identities, the higher the discrepancy between the asking and the market price.

While selling your belongings try to avoid over tagging your emotions. Keep in mind sporting equipment or designer items may sell for one-third of the original price, at best.

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From → Zeitgeist

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