object valuation and non-ownership possession: how renting and borrowing impact willingness-to-pay

Prior research on object valuation ignores the effect of non-ownership physical possession types such as renting and borrowing. evidence from four experiments demonstrates that the valuation (i.e., willingness-to-pay) for rented objects is greater than the valuation for non-possessed or borrowed objects. borrowed objects are not valued any differently than non-possessed objects. psychological ownership mediates the relationship between valuation and non-ownership physical possession. additionally, psychological ownership varies for different possession types (ownership, renting, and borrowing) as its contributing routes (control, self-investment, and knowledge) operate differently for each possession type. as further evidence of the psychological ownership based theoretical account, the research shows that rented objects are not valued higher than non-possessed objects if the control or self-investment routes of psychological ownership are suppressed. the moderating influence of product hedonism–utilitarianism and consumers’ tightwad–spendthrift tendency on the valuation of rented and borrowed objects is also examined.