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

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  • McGraw, A Peter
  • Tetlock, Philip E
  • Kristel, Orie V

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.

Suggested Citation

  • McGraw, A Peter & Tetlock, Philip E & Kristel, Orie V, 2003. "The Limits of Fungibility: Relational Schemata and the Value of Things," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 30(2), pages 219-229, September.
    • Handle: RePEc:oup:jconrs:v:30:y:2003:i:2:p:219-29
    DOI: 10.1086/376805
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    Cited by:

    1. Whynes, David K. & Sach, Tracey H., 2007. "WTP and WTA: Do people think differently?," Social Science & Medicine, Elsevier, vol. 65(5), pages 946-957, September.
    2. Philip E. Tetlock & Barbara A. Mellers & J. Peter Scoblic, 2017. "Sacred versus Pseudo-sacred Values: How People Cope with Taboo Trade-Offs," American Economic Review, American Economic Association, vol. 107(5), pages 96-99, May.
    3. Russell Belk, 2007. "Why Not Share Rather Than Own?," The ANNALS of the American Academy of Political and Social Science, , vol. 611(1), pages 126-140, May.
    4. Jin Young Chung, 2017. "Price fairness and PWYW (pay what you want): a behavioral economics perspective," Journal of Revenue and Pricing Management, Palgrave Macmillan, vol. 16(1), pages 40-55, February.
    5. Steffen Giessner & Niels Quaquebeke, 2010. "Using a Relational Models Perspective to Understand Normatively Appropriate Conduct in Ethical Leadership," Journal of Business Ethics, Springer, vol. 95(1), pages 43-55, September.
    6. Nicole Nikiforow & Sebastian Wagener, 2021. "The contextual effect of completion on the effectiveness of performance feedback," Journal of Business Economics, Springer, vol. 91(1), pages 61-90, February.
    7. Felix C Brodbeck & Katharina G Kugler & Julia A M Reif & Markus A Maier, 2013. "Morals Matter in Economic Games," PLOS ONE, Public Library of Science, vol. 8(12), pages 1-1, December.
    8. repec:cup:judgdm:v:11:y:2016:i:1:p:40-47 is not listed on IDEAS
    9. Rebecca Trump & Stacey Finkelstein & Paul Connell, 2015. "I will risk a stranger’s money, but not my own or my friend’s money: Effect of proximity of the money source to the self on financial risk-taking," Marketing Letters, Springer, vol. 26(4), pages 501-512, December.
    10. Tuk, M.A. & Verlegh, P.W.J. & Smidts, A. & Wigboldus, D.H.J., 2008. "Sales and Sincerity: The Role of Relational Framing in Word-of-Mouth Marketing," ERIM Report Series Research in Management ERS-2008-056-MKT, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus University Rotterdam.
    11. Malika Malika & Durairaj Maheswaran & Shailendra Pratap Jain, 2022. "Perceived financial constraints and normative influence: discretionary purchase decisions across cultures," Journal of the Academy of Marketing Science, Springer, vol. 50(2), pages 252-271, March.
    12. A. Peter McGraw & Eldar Shafir & Alexander Todorov, 2010. "Valuing Money and Things: Why a $20 Item Can Be Worth More and Less Than $20," Management Science, INFORMS, vol. 56(5), pages 816-830, May.
    13. Marek, Ewelina & Raux, Charles & Engelmann, Dirk, 2018. "Personal carbon allowances: Can a budget label do the trick?," Transport Policy, Elsevier, vol. 69(C), pages 170-178.
    14. A. Peter McGraw & Derick F. Davis & Sydney E. Scott & Philip E. Tetlock, 2016. "The price of not putting a price on love," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 11(1), pages 40-47, January.
    15. Jefferson, Therese & Taplin, Ross, 2012. "Relational aspects of decisions to sell," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 41(5), pages 697-704.
    16. Giessner, S.R. & van Quaquebeke, N., 2011. "Using a Relational Models Perspective to Understand Normatively Appropriate Conduct in Ethical Leadership," ERIM Report Series Research in Management ERS-2011-002-ORG, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus University Rotterdam.
    17. Kristina Shampanier & Nina Mazar & Dan Ariely, 2007. "Zero as a Special Price: The True Value of Free Products," Marketing Science, INFORMS, vol. 26(6), pages 742-757, 11-12.
    18. Gupta, Manjul & Esmaeilzadeh, Pouyan & Uz, Irem & Tennant, Vanesa M., 2019. "The effects of national cultural values on individuals' intention to participate in peer-to-peer sharing economy," Journal of Business Research, Elsevier, vol. 97(C), pages 20-29.
    19. Zlatev, Julian J. & Miller, Dale T., 2016. "Selfishly benevolent or benevolently selfish: When self-interest undermines versus promotes prosocial behavior," Organizational Behavior and Human Decision Processes, Elsevier, vol. 137(C), pages 112-122.

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