Optimizing the possession portfolio
Kelly L Haws1, Rebecca Walker Reczek2
1Vanderbilt University, Owen Graduate School of Management, 401 21st Ave South, Nashville, TN 37203, USA.
Current Opinion in Psychology
|March 27, 2022
Summary
Consumers strive for an optimal possession portfolio, balancing the benefits of ownership with the drawbacks of excess goods. This involves understanding personal value assessments for retaining or disposing of items.
Area of Science:
- Consumer Behavior
- Psychology
- Decision Science
Background:
- Consumers own numerous physical goods, varying in usage frequency.
- A holistic sense of owned items, termed the "possession portfolio," is introduced.
- Individuals possess a subjective understanding of their total belongings.
Purpose of the Study:
- To introduce and define the concept of a "possession portfolio."
- To propose the existence of an optimal possession portfolio for individuals.
- To explore the value assessment processes influencing possession decisions.
Main Methods:
- Literature review of recent research on value assessment.
- Conceptual framework development for possession portfolios.
- Analysis of retention and disposition decision-making.
Main Results:
- An "optimal possession portfolio" is theorized to exist for each individual.
- This optimum balances the advantages of keeping possessions against the disadvantages of disposal.
- Value assessment research informs decisions on optimizing one's portfolio.
Conclusions:
- Individuals actively, though perhaps implicitly, manage their "possession portfolio."
- Understanding value assessment is key to achieving an optimal balance of possessions.
- Further research can explore factors influencing the formation and optimization of possession portfolios.
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