you know one of the really remarkable things about our species is our capacity
things about our species is our capacity
things about our species is our capacity to create very diverse cultures but all
to create very diverse cultures but all
to create very diverse cultures but all cultures are based on certain
cultures are based on certain
cultures are based on certain fundamental principles which are shared
fundamental principles which are shared
fundamental principles which are shared and one of those fundamental principles
and one of those fundamental principles
and one of those fundamental principles is the principle of ownership ownership
is the principle of ownership ownership
is the principle of ownership ownership controls just about every aspect of our
controls just about every aspect of our
controls just about every aspect of our daily lives the property that we can
daily lives the property that we can
daily lives the property that we can call ours the stuff we can do with it
call ours the stuff we can do with it
call ours the stuff we can do with it give it away sell it where we can go and
give it away sell it where we can go and
give it away sell it where we can go and where we can’t go ownership is really at
where we can’t go ownership is really at
where we can’t go ownership is really at the core of who we are without any sense
the core of who we are without any sense
the core of who we are without any sense of ownership we’d laid chaotic lives it
of ownership we’d laid chaotic lives it
of ownership we’d laid chaotic lives it would be unstructured and that’s why
would be unstructured and that’s why
would be unstructured and that’s why it’s at the heart of our legal systems
it’s at the heart of our legal systems
it’s at the heart of our legal systems and the norms of social behavior that
and the norms of social behavior that
and the norms of social behavior that must have a sub ID by and when you
must have a sub ID by and when you
must have a sub ID by and when you ignore the rules of ownership then in
ignore the rules of ownership then in
ignore the rules of ownership then in many instances you’re being antisocial
many instances you’re being antisocial
many instances you’re being antisocial and possibly even criminal but as I’m
and possibly even criminal but as I’m
and possibly even criminal but as I’m going to show you the concept or the
going to show you the concept or the
going to show you the concept or the issue of ownership is really quite
issue of ownership is really quite
issue of ownership is really quite elusive and I want to demonstrate this
elusive and I want to demonstrate this
elusive and I want to demonstrate this with this this example in 2007 the
with this this example in 2007 the
with this this example in 2007 the katawaga police in the North Carolina
katawaga police in the North Carolina
katawaga police in the North Carolina received a telephone call from this
received a telephone call from this
received a telephone call from this individual Shadow Wishard now Shannon
individual Shadow Wishard now Shannon
individual Shadow Wishard now Shannon was a trader he went round buying up
was a trader he went round buying up
was a trader he went round buying up goods and then selling them one for
goods and then selling them one for
goods and then selling them one for profit and on this particular occasion
profit and on this particular occasion
profit and on this particular occasion he was at an auction being held by a
he was at an auction being held by a
he was at an auction being held by a storage company that were selling the
storage company that were selling the
storage company that were selling the contents of lock ups and he spotted this
contents of lock ups and he spotted this
contents of lock ups and he spotted this item which was a meat grilled smoker
item which was a meat grilled smoker
item which was a meat grilled smoker barbecue so they bought it for a couple
barbecue so they bought it for a couple
barbecue so they bought it for a couple of dollars but when he opened it up he
of dollars but when he opened it up he
of dollars but when he opened it up he soon discovered that he was the owner
soon discovered that he was the owner
soon discovered that he was the owner for more than he had bargained for
for more than he had bargained for
for more than he had bargained for because he made a grisly discovery
because he made a grisly discovery
because he made a grisly discovery because inside was a left human foot now
because inside was a left human foot now
because inside was a left human foot now he didn’t know where it was he didn’t
he didn’t know where it was he didn’t
he didn’t know where it was he didn’t know where it came from he didn’t know
know where it came from he didn’t know
know where it came from he didn’t know if it was a corpse or or maybe an
if it was a corpse or or maybe an
if it was a corpse or or maybe an unreported mirror so he he phoned the
unreported mirror so he he phoned the
unreported mirror so he he phoned the police and in his very strong hillbilly
police and in his very strong hillbilly
police and in his very strong hillbilly Appalachian acts and he said I got
Appalachian acts and he said I got
Appalachian acts and he said I got myself a layer of human foot it’s plural
myself a layer of human foot it’s plural
myself a layer of human foot it’s plural ugly has gotten grossed out so the
ugly has gotten grossed out so the
ugly has gotten grossed out so the police turned up and they took the foot
police turned up and they took the foot
police turned up and they took the foot away to begin their investigations now
away to begin their investigations now
away to begin their investigations now meanwhile the rest of the news got out
meanwhile the rest of the news got out
meanwhile the rest of the news got out that he had discovered this incredible
that he had discovered this incredible
that he had discovered this incredible find
find
find and Shannon being one who’s not shy
and Shannon being one who’s not shy
and Shannon being one who’s not shy publicity realized that maybe this is a
publicity realized that maybe this is a
publicity realized that maybe this is a business opportunity so he called the
business opportunity so he called the
business opportunity so he called the police back he said
police back he said
police back he said I bought that I want to I want keep my
I bought that I want to I want keep my
I bought that I want to I want keep my foot okay and he was gonna put on
foot okay and he was gonna put on
foot okay and he was gonna put on display and charge three dollars for the
display and charge three dollars for the
display and charge three dollars for the adults and one dollar for the kids to
adults and one dollar for the kids to
adults and one dollar for the kids to take a look at his foot meanwhile the
take a look at his foot meanwhile the
take a look at his foot meanwhile the police had done their investigations
police had done their investigations
police had done their investigations discovered that the foot had not come
discovered that the foot had not come
discovered that the foot had not come from a course but came from this
from a course but came from this
from a course but came from this individual John Wood who lived in South
individual John Wood who lived in South
individual John Wood who lived in South Carolina now three years earlier John
Carolina now three years earlier John
Carolina now three years earlier John had been in a small airplane crash which
had been in a small airplane crash which
had been in a small airplane crash which unfortunately killed his father who was
unfortunately killed his father who was
unfortunately killed his father who was piloting the plane and he of course
piloting the plane and he of course
piloting the plane and he of course himself was very severely injured which
himself was very severely injured which
himself was very severely injured which is why I end up in hospital having to
is why I end up in hospital having to
is why I end up in hospital having to have his his foot amputated but he was
have his his foot amputated but he was
have his his foot amputated but he was also at the time in the grips of a very
also at the time in the grips of a very
also at the time in the grips of a very deep addiction to drugs and alcohol and
deep addiction to drugs and alcohol and
deep addiction to drugs and alcohol and in this out of mind he thought I want to
in this out of mind he thought I want to
in this out of mind he thought I want to keep my foot as a memorial to my father
keep my foot as a memorial to my father
keep my foot as a memorial to my father so he asked the hospital can I have my
so he asked the hospital can I have my
so he asked the hospital can I have my foot back and remarkably they said yeah
foot back and remarkably they said yeah
foot back and remarkably they said yeah okay and they sent the foot back to me
okay and they sent the foot back to me
okay and they sent the foot back to me whereupon he set about trying to
whereupon he set about trying to
whereupon he set about trying to preserve he stuck in the meat tray and
preserve he stuck in the meat tray and
preserve he stuck in the meat tray and covered it with embalming fluid and then
covered it with embalming fluid and then
covered it with embalming fluid and then he had the bright idea of putting in a
he had the bright idea of putting in a
he had the bright idea of putting in a tree in his garden to have it dried in
tree in his garden to have it dried in
tree in his garden to have it dried in the North Carolina Sun meanwhile his
the North Carolina Sun meanwhile his
the North Carolina Sun meanwhile his life was spiraling out of control and so
life was spiraling out of control and so
life was spiraling out of control and so he lost his home and all his possessions
he lost his home and all his possessions
he lost his home and all his possessions including the smoker grill and his foot
including the smoker grill and his foot
including the smoker grill and his foot ended up in the storage unit and that’s
ended up in the storage unit and that’s
ended up in the storage unit and that’s how I ended up in the possession of
how I ended up in the possession of
how I ended up in the possession of Shannon so when he got a phone call from
Shannon so when he got a phone call from
Shannon so when he got a phone call from the police to come and reclaim his foot
the police to come and reclaim his foot
the police to come and reclaim his foot he headed up to made in the town where
he headed up to made in the town where
he headed up to made in the town where this all unfolded and he was confronted
this all unfolded and he was confronted
this all unfolded and he was confronted by Shannon in the car park he tried to
by Shannon in the car park he tried to
by Shannon in the car park he tried to persuade him to agree to joint custody
persuade him to agree to joint custody
persuade him to agree to joint custody of the foot because the the media were
of the foot because the the media were
of the foot because the the media were getting so excited about this this is
getting so excited about this this is
getting so excited about this this is this was ludicrous and and he wanted to
this was ludicrous and and he wanted to
this was ludicrous and and he wanted to put it on show and go on tour and of
put it on show and go on tour and of
put it on show and go on tour and of course you know they just saw this was
course you know they just saw this was
course you know they just saw this was the craziest thing possible they said
the craziest thing possible they said
the craziest thing possible they said I’ve ever went to court in law
I’ve ever went to court in law
I’ve ever went to court in law Shannon wouldn’t have a leg to stand on
Shannon wouldn’t have a leg to stand on
Shannon wouldn’t have a leg to stand on well it did actually end up in the core
well it did actually end up in the core
well it did actually end up in the core law ended up in a national television
law ended up in a national television
law ended up in a national television syndicated reality show and the judge
syndicated reality show and the judge
syndicated reality show and the judge ruled that the foot belonged to John
ruled that the foot belonged to John
ruled that the foot belonged to John wood and should be returned to him but
wood and should be returned to him but
wood and should be returned to him but they also recognized that Shannon
they also recognized that Shannon
they also recognized that Shannon actually had a legitimate claim because
actually had a legitimate claim because
actually had a legitimate claim because he had purchased the cooker so he was
he had purchased the cooker so he was
he had purchased the cooker so he was compensated to the tune of $5,000 now
compensated to the tune of $5,000 now
compensated to the tune of $5,000 now this amazing story is told in a
this amazing story is told in a
this amazing story is told in a fantastic documentary called Finders
fantastic documentary called Finders
fantastic documentary called Finders Keepers I highly recommend it but there
Keepers I highly recommend it but there
Keepers I highly recommend it but there I like this story apart from the very
I like this story apart from the very
I like this story apart from the very colorful characters is it illustrates
colorful characters is it illustrates
colorful characters is it illustrates that even something so personable as
that even something so personable as
that even something so personable as your body parts can be contested in the
your body parts can be contested in the
your body parts can be contested in the court of law
court of law
court of law you might think you own your body but
you might think you own your body but
you might think you own your body but you don’t actually because you can’t do
you don’t actually because you can’t do
you don’t actually because you can’t do with it as you wish if you could you’d
with it as you wish if you could you’d
with it as you wish if you could you’d be able to say for example sell a kidney
be able to say for example sell a kidney
be able to say for example sell a kidney but that is illegal in the UK and it’s
but that is illegal in the UK and it’s
but that is illegal in the UK and it’s illegal in the US but you can sell your
illegal in the US but you can sell your
illegal in the US but you can sell your kidney in Singapore or Australia so that
kidney in Singapore or Australia so that
kidney in Singapore or Australia so that goes to show that unlike John woods foot
goes to show that unlike John woods foot
goes to show that unlike John woods foot ownership is not cotton dried it has to
ownership is not cotton dried it has to
ownership is not cotton dried it has to be negotiated now the reason that’s the
be negotiated now the reason that’s the
be negotiated now the reason that’s the case is because ownership is a concept
case is because ownership is a concept
case is because ownership is a concept and this is a really important issue
and this is a really important issue
and this is a really important issue which was identified by another
which was identified by another
which was identified by another individual who by coincidence is
individual who by coincidence is
individual who by coincidence is cut-and-dried Jeremy Bentham this is a
cut-and-dried Jeremy Bentham this is a
cut-and-dried Jeremy Bentham this is a mummified corpse of Jeremy Bentham which
mummified corpse of Jeremy Bentham which
mummified corpse of Jeremy Bentham which sits in the cabinet in University
sits in the cabinet in University
sits in the cabinet in University College London now here’s a moral floss
College London now here’s a moral floss
College London now here’s a moral floss for interested in law and society and he
for interested in law and society and he
for interested in law and society and he pointed out look there’s nothing in made
pointed out look there’s nothing in made
pointed out look there’s nothing in made sure to tell you who owns anything you
sure to tell you who owns anything you
sure to tell you who owns anything you have to kind of figure it out and he
have to kind of figure it out and he
have to kind of figure it out and he said it’s it’s it’s not a material
said it’s it’s it’s not a material
said it’s it’s it’s not a material property it’s a metaphysical property
property it’s a metaphysical property
property it’s a metaphysical property it’s a mere conception of the mind now
it’s a mere conception of the mind now
it’s a mere conception of the mind now this is a reason I’m interested in
this is a reason I’m interested in
this is a reason I’m interested in ownership because I study cognitive
ownership because I study cognitive
ownership because I study cognitive development concepts how do children
development concepts how do children
development concepts how do children acquire concepts do we teach them or do
acquire concepts do we teach them or do
acquire concepts do we teach them or do they learn them through some intuitive
they learn them through some intuitive
they learn them through some intuitive mechanisms and the other reason I’m
mechanisms and the other reason I’m
mechanisms and the other reason I’m interested in ownership is that we are
interested in ownership is that we are
interested in ownership is that we are quite unique in the in the animal world
quite unique in the in the animal world
quite unique in the in the animal world because we acquire stuff lots of stuff
because we acquire stuff lots of stuff
because we acquire stuff lots of stuff lots of possessions things that we don’t
lots of possessions things that we don’t
lots of possessions things that we don’t even necessarily need and the reason we
even necessarily need and the reason we
even necessarily need and the reason we do this is because many ways what we
do this is because many ways what we
do this is because many ways what we have is an extension of who we are a
have is an extension of who we are a
have is an extension of who we are a point that was made by William James and
point that was made by William James and
point that was made by William James and what James said in this famous quote is
what James said in this famous quote is
what James said in this famous quote is that a man’s self is really a
that a man’s self is really a
that a man’s self is really a combination of everything he can claim
combination of everything he can claim
combination of everything he can claim ownership of his family is wife and so
ownership of his family is wife and so
ownership of his family is wife and so on but also his property’s reputation so
on but also his property’s reputation so
on but also his property’s reputation so when do we begin this obsession with
when do we begin this obsession with
when do we begin this obsession with owning things how does this start well
owning things how does this start well
owning things how does this start well it starts early children claim ownership
it starts early children claim ownership
it starts early children claim ownership over their childhood toys their teddy
over their childhood toys their teddy
over their childhood toys their teddy bears and their blankets in the first
bears and their blankets in the first
bears and their blankets in the first year but by the time they get to the
year but by the time they get to the
year but by the time they get to the first birthday they’re starting to look
first birthday they’re starting to look
first birthday they’re starting to look around to see what else they can claim
around to see what else they can claim
around to see what else they can claim ownership over they’re starting to use
ownership over they’re starting to use
ownership over they’re starting to use the words like mine and yours and
the words like mine and yours and
the words like mine and yours and they’re fighting with our sibling
they’re fighting with our sibling
they’re fighting with our sibling everything but those little battles in
everything but those little battles in
everything but those little battles in the household are nothing compared to
the household are nothing compared to
the household are nothing compared to the all-out war which takes place in the
the all-out war which takes place in the
the all-out war which takes place in the nursery 80% of fights and disputes in
nursery 80% of fights and disputes in
nursery 80% of fights and disputes in the nursery are over toys and that’s not
the nursery are over toys and that’s not
the nursery are over toys and that’s not just any toy it’s the toys that the
just any toy it’s the toys that the
just any toy it’s the toys that the other kids would it’s not uncommon for a
other kids would it’s not uncommon for a
other kids would it’s not uncommon for a child to put down their own toy and then
child to put down their own toy and then
child to put down their own toy and then go and try and snatch an identical toy
go and try and snatch an identical toy
go and try and snatch an identical toy from another child and that’s because
from another child and that’s because
from another child and that’s because they realize that possessions and
they realize that possessions and
they realize that possessions and ownership are all part of our status now
ownership are all part of our status now
ownership are all part of our status now they can’t go around snatching
they can’t go around snatching
they can’t go around snatching everything they have to learn that
everything they have to learn that
everything they have to learn that they’ve got to abide by the rules and
they’ve got to abide by the rules and
they’ve got to abide by the rules and some of the early rules they understand
some of the early rules they understand
some of the early rules they understand are finders keepers if you have in your
are finders keepers if you have in your
are finders keepers if you have in your possession you own it and that’s
possession you own it and that’s
possession you own it and that’s actually something shared with many
actually something shared with many
actually something shared with many animals in the natural world but there
animals in the natural world but there
animals in the natural world but there are other rules of ownership that they
are other rules of ownership that they
are other rules of ownership that they have to learn for example the
have to learn for example the
have to learn for example the philosopher John Locke talked about the
philosopher John Locke talked about the
philosopher John Locke talked about the effort that goes into acquiring a piece
effort that goes into acquiring a piece
effort that goes into acquiring a piece or possession or the effort or labor in
or possession or the effort or labor in
or possession or the effort or labor in doing so you see for us if we go out
doing so you see for us if we go out
doing so you see for us if we go out into the woods and cut down a tree in
into the woods and cut down a tree in
into the woods and cut down a tree in John Locke’s odd notion you they know in
John Locke’s odd notion you they know in
John Locke’s odd notion you they know in that tree because you put the effort in
that tree because you put the effort in
that tree because you put the effort in acquiring it so when do children start
acquiring it so when do children start
acquiring it so when do children start to understand this well this was a
to understand this well this was a
to understand this well this was a question that I investigate with my
question that I investigate with my
question that I investigate with my former graduate student Patricia can
former graduate student Patricia can
former graduate student Patricia can geyser and what she did in her studies
geyser and what she did in her studies
geyser and what she did in her studies was that she had three-year-olds sitting
was that she had three-year-olds sitting
was that she had three-year-olds sitting next to the experimenter herself in this
next to the experimenter herself in this
next to the experimenter herself in this case with a pile of clay well either the
case with a pile of clay well either the
case with a pile of clay well either the clay was in front of one person or was
clay was in front of one person or was
clay was in front of one person or was communal and then they made these these
communal and then they made these these
communal and then they made these these toys and then they asked the children
toys and then they asked the children
toys and then they asked the children well who owns the toy
well who owns the toy
well who owns the toy well the three-year-olds reasoned that
well the three-year-olds reasoned that
well the three-year-olds reasoned that it didn’t matter where the clay came
it didn’t matter where the clay came
it didn’t matter where the clay came from didn’t matter if you took someone
from didn’t matter if you took someone
from didn’t matter if you took someone else’s clay if you made the object it
else’s clay if you made the object it
else’s clay if you made the object it was your object but the adults of course
was your object but the adults of course
was your object but the adults of course realized that you have to keep track of
realized that you have to keep track of
realized that you have to keep track of the source material but a three-year-old
the source material but a three-year-old
the source material but a three-year-old would reckon that for example if you
would reckon that for example if you
would reckon that for example if you went into your neighbor’s garden this
went into your neighbor’s garden this
went into your neighbor’s garden this model of their garden shed then brought
model of their garden shed then brought
model of their garden shed then brought it over to your guard and built it up
it over to your guard and built it up
it over to your guard and built it up again you would be the owner we recall
again you would be the owner we recall
again you would be the owner we recall the police of course now you might think
the police of course now you might think
the police of course now you might think well adults are much more sensitive and
well adults are much more sensitive and
well adults are much more sensitive and they’re much more sensible of
they’re much more sensible of
they’re much more sensible of arbitrating between who owns things but
arbitrating between who owns things but
arbitrating between who owns things but actually it turns out that these are
actually it turns out that these are
actually it turns out that these are constantly turning up with the courts of
constantly turning up with the courts of
constantly turning up with the courts of all about who owns anything take for
all about who owns anything take for
all about who owns anything take for example this example this is a mural
example this example this is a mural
example this example this is a mural appeared on a brick a concrete brick
appeared on a brick a concrete brick
appeared on a brick a concrete brick wall on a building site in Detroit 2011
wall on a building site in Detroit 2011
wall on a building site in Detroit 2011 it is of course a bag see if you might
it is of course a bag see if you might
it is of course a bag see if you might recognize it I remember when all this
recognize it I remember when all this
recognize it I remember when all this was trees now when word got out that
was trees now when word got out that
was trees now when word got out that there was a Banksy in a local demolition
there was a Banksy in a local demolition
there was a Banksy in a local demolition site the local gallery went down and
site the local gallery went down and
site the local gallery went down and they removed it because they reckoned
they removed it because they reckoned
they removed it because they reckoned that maybe the builders wouldn’t
that maybe the builders wouldn’t
that maybe the builders wouldn’t understand that this was a work of art
understand that this was a work of art
understand that this was a work of art they just demolished the wall thinking
they just demolished the wall thinking
they just demolished the wall thinking it was just graffiti but when the
it was just graffiti but when the
it was just graffiti but when the builders site when the site owners
builders site when the site owners
builders site when the site owners learned that they’d done this they sued
learned that they’d done this they sued
learned that they’d done this they sued the art gallery so who owned it well
the art gallery so who owned it well
the art gallery so who owned it well clearly Banksy had put the effort into
clearly Banksy had put the effort into
clearly Banksy had put the effort into making it but he never turns up to claim
making it but he never turns up to claim
making it but he never turns up to claim ownership over his works of art what
ownership over his works of art what
ownership over his works of art what about this sites owners they had the
about this sites owners they had the
about this sites owners they had the source material but then of course they
source material but then of course they
source material but then of course they are going put the effort in to preserve
are going put the effort in to preserve
are going put the effort in to preserve this for posterity
this for posterity
this for posterity well at the end of the day the court
well at the end of the day the court
well at the end of the day the court ruled in favor of the Art Gallery and
ruled in favor of the Art Gallery and
ruled in favor of the Art Gallery and they got the possession of the ownership
they got the possession of the ownership
they got the possession of the ownership of the Banksy for two and a half
of the Banksy for two and a half
of the Banksy for two and a half thousand dollars which was a good
thousand dollars which was a good
thousand dollars which was a good investment four years later they sold it
investment four years later they sold it
investment four years later they sold it for a hundred and thirty seven thousand
for a hundred and thirty seven thousand
for a hundred and thirty seven thousand dollars so ownership and putting effort
dollars so ownership and putting effort
dollars so ownership and putting effort into things is how you can make a
into things is how you can make a
into things is how you can make a legitimate claim but actually it turns
legitimate claim but actually it turns
legitimate claim but actually it turns out we value things that we involve our
out we value things that we involve our
out we value things that we involve our efforts and this is known as the the
efforts and this is known as the the
efforts and this is known as the the IKEA effect of the Swedish store that
IKEA effect of the Swedish store that
IKEA effect of the Swedish store that make you where you build your own
make you where you build your own
make you where you build your own furnishings it turns out that if you
furnishings it turns out that if you
furnishings it turns out that if you make something you think it’s a lot
make something you think it’s a lot
make something you think it’s a lot better than an identical object made by
better than an identical object made by
better than an identical object made by somebody else even though it’s the same
somebody else even though it’s the same
somebody else even though it’s the same object and we’ve just finished a series
object and we’ve just finished a series
object and we’ve just finished a series of studies looking at this and it turns
of studies looking at this and it turns
of studies looking at this and it turns all the children to five to six years of
all the children to five to six years of
all the children to five to six years of age also think that if you make
age also think that if you make
age also think that if you make something you put effort into it then
something you put effort into it then
something you put effort into it then it’s better than something else made by
it’s better than something else made by
it’s better than something else made by another person this principle actually
another person this principle actually
another person this principle actually good dates back a bit earlier it turns
good dates back a bit earlier it turns
good dates back a bit earlier it turns out that marketeers
out that marketeers
out that marketeers and people in advertising have known
and people in advertising have known
and people in advertising have known this for a while any Bernays arguably
this for a while any Bernays arguably
this for a while any Bernays arguably one of the fathers of marketing and
one of the fathers of marketing and
one of the fathers of marketing and advertising was interested in
advertising was interested in
advertising was interested in psychological principles to increase the
psychological principles to increase the
psychological principles to increase the sales and goods so for example in the
sales and goods so for example in the
sales and goods so for example in the 1950s he was employed by the Betty
1950s he was employed by the Betty
1950s he was employed by the Betty Crocker cake company to increase the
Crocker cake company to increase the
Crocker cake company to increase the sales of their cake mixes and you know
sales of their cake mixes and you know
sales of their cake mixes and you know what he advised them to do he told them
what he advised them to do he told them
what he advised them to do he told them to stay at the instruction to add two
to stay at the instruction to add two
to stay at the instruction to add two eggs that simple instruction changed the
eggs that simple instruction changed the
eggs that simple instruction changed the perception of the value of the cake the
perception of the value of the cake the
perception of the value of the cake the desirability of the cake the recipe
desirability of the cake the recipe
desirability of the cake the recipe didn’t mean eggs it’s just the act of
didn’t mean eggs it’s just the act of
didn’t mean eggs it’s just the act of investing you’re a late laborer an
investing you’re a late laborer an
investing you’re a late laborer an effort made
effort made
effort made difference but it turns out you don’t
difference but it turns out you don’t
difference but it turns out you don’t necessarily have to put effort into
necessarily have to put effort into
necessarily have to put effort into increasing the value of your own
increasing the value of your own
increasing the value of your own possessions simply having in your
possessions simply having in your
possessions simply having in your possession you think it’s better a more
possession you think it’s better a more
possession you think it’s better a more more valuable than something else this
more valuable than something else this
more valuable than something else this is a point that was made by Richard
is a point that was made by Richard
is a point that was made by Richard Thaler the economist back in 1980 he
Thaler the economist back in 1980 he
Thaler the economist back in 1980 he gave his Sicard his Chicago students
gave his Sicard his Chicago students
gave his Sicard his Chicago students either a coffee cup or he gave them a
either a coffee cup or he gave them a
either a coffee cup or he gave them a chocolate bar and he said would you like
chocolate bar and he said would you like
chocolate bar and he said would you like to swap for the other item and
to swap for the other item and
to swap for the other item and irrespective of whatever item may have
irrespective of whatever item may have
irrespective of whatever item may have been endowed with they prefer to keep
been endowed with they prefer to keep
been endowed with they prefer to keep what they’d been given this is the
what they’d been given this is the
what they’d been given this is the so-called endowment effect and it’s one
so-called endowment effect and it’s one
so-called endowment effect and it’s one of the most robust phenomena and
of the most robust phenomena and
of the most robust phenomena and behavioral economics we tend not to want
behavioral economics we tend not to want
behavioral economics we tend not to want to give up what we already have in our
to give up what we already have in our
to give up what we already have in our possession now why is that well there’s
possession now why is that well there’s
possession now why is that well there’s a number of explanations but this one by
a number of explanations but this one by
a number of explanations but this one by Danny Kahneman when the few
Danny Kahneman when the few
Danny Kahneman when the few psychologists ever to win the Nobel
psychologists ever to win the Nobel
psychologists ever to win the Nobel Prize has been very successful
Prize has been very successful
Prize has been very successful explanation the he argues this is called
explanation the he argues this is called
explanation the he argues this is called prospect theory the prospect of a loss
prospect theory the prospect of a loss
prospect theory the prospect of a loss weighs more greatly in your mind than
weighs more greatly in your mind than
weighs more greatly in your mind than the prospect of the game which is why
the prospect of the game which is why
the prospect of the game which is why the asking price when you’re selling
the asking price when you’re selling
the asking price when you’re selling something is always much higher than
something is always much higher than
something is always much higher than what people are prepared to pay now this
what people are prepared to pay now this
what people are prepared to pay now this may well be true but it does have
may well be true but it does have
may well be true but it does have limited application because the
limited application because the
limited application because the endowment effect is not found in peoples
endowment effect is not found in peoples
endowment effect is not found in peoples such as hunter-gatherers is these are
such as hunter-gatherers is these are
such as hunter-gatherers is these are the has they tried from Tanzania they
the has they tried from Tanzania they
the has they tried from Tanzania they don’t show an endowment effect unless
don’t show an endowment effect unless
don’t show an endowment effect unless they’ve had experience of trading with
they’ve had experience of trading with
they’ve had experience of trading with Westerners more interestingly it turns
Westerners more interestingly it turns
Westerners more interestingly it turns out the endowment effect is also much
out the endowment effect is also much
out the endowment effect is also much less in people from the Far East
less in people from the Far East
less in people from the Far East and one of the reasons might be is
and one of the reasons might be is
and one of the reasons might be is because they live in a society which is
because they live in a society which is
because they live in a society which is much more collectivist much more
much more collectivist much more
much more collectivist much more integrated in comparison to Western
integrated in comparison to Western
integrated in comparison to Western society which is much more individualist
society which is much more individualist
society which is much more individualist that can status driven however if you
that can status driven however if you
that can status driven however if you take people from the Far East and get
take people from the Far East and get
take people from the Far East and get them to think about themselves or talk
them to think about themselves or talk
them to think about themselves or talk about themselves suddenly the endowment
about themselves suddenly the endowment
about themselves suddenly the endowment effect appears so we thought well this
effect appears so we thought well this
effect appears so we thought well this is interesting maybe this is a mechanism
is interesting maybe this is a mechanism
is interesting maybe this is a mechanism so again in our studies in Bristol we
so again in our studies in Bristol we
so again in our studies in Bristol we undertook research into the endowment
undertook research into the endowment
undertook research into the endowment effect and this is a work I just
effect and this is a work I just
effect and this is a work I just published with my my graduate student
published with my my graduate student
published with my my graduate student Sandra from Norway
Sandra from Norway
Sandra from Norway as you can see Sandra’s admittedly happy
as you can see Sandra’s admittedly happy
as you can see Sandra’s admittedly happy to be working in my lab and what we did
to be working in my lab and what we did
to be working in my lab and what we did is because normally the endowment effect
is because normally the endowment effect
is because normally the endowment effect doesn’t appear in children till around
doesn’t appear in children till around
doesn’t appear in children till around about five to six years
about five to six years
about five to six years age by quizzes the same age as the IKEA
age by quizzes the same age as the IKEA
age by quizzes the same age as the IKEA effect but she took three-year-olds
effect but she took three-year-olds
effect but she took three-year-olds again and got them to do this task so
again and got them to do this task so
again and got them to do this task so first of all she presented them with a
first of all she presented them with a
first of all she presented them with a bunch of toys and she asked them to rate
bunch of toys and she asked them to rate
bunch of toys and she asked them to rate them on this scale of preference how
them on this scale of preference how
them on this scale of preference how much they liked them now if they were
much they liked them now if they were
much they liked them now if they were given two identical toys and they placed
given two identical toys and they placed
given two identical toys and they placed them on the same spot well that
them on the same spot well that
them on the same spot well that indicated they understood the principle
indicated they understood the principle
indicated they understood the principle of equivalence these two things are of
of equivalence these two things are of
of equivalence these two things are of equal value she then gave them one of
equal value she then gave them one of
equal value she then gave them one of the toys which was a spinning top in
the toys which was a spinning top in
the toys which was a spinning top in this case and then kept one of the toys
this case and then kept one of the toys
this case and then kept one of the toys for herself the child put their toy in
for herself the child put their toy in
for herself the child put their toy in their box with their name and the
their box with their name and the
their box with their name and the experimenter put the toy in their books
experimenter put the toy in their books
experimenter put the toy in their books where her were her name with her name
where her were her name with her name
where her were her name with her name that’s it now the critical manipulation
that’s it now the critical manipulation
that’s it now the critical manipulation one group of the children were asked to
one group of the children were asked to
one group of the children were asked to think about themselves whilst they made
think about themselves whilst they made
think about themselves whilst they made a picture of themselves
a picture of themselves
a picture of themselves another group of children make a picture
another group of children make a picture
another group of children make a picture of her friend and talked about their
of her friend and talked about their
of her friend and talked about their friend and the third group were asked to
friend and the third group were asked to
friend and the third group were asked to just make a foreign scene she then asked
just make a foreign scene she then asked
just make a foreign scene she then asked them to reevaluate the toys afterwards
them to reevaluate the toys afterwards
them to reevaluate the toys afterwards in only the group had been asked to
in only the group had been asked to
in only the group had been asked to think about themselves they showed an
think about themselves they showed an
think about themselves they showed an increase in the value of their own
increase in the value of their own
increase in the value of their own object the endowment effect so in other
object the endowment effect so in other
object the endowment effect so in other words there’s an integral relationship
words there’s an integral relationship
words there’s an integral relationship between our perceptions of our self and
between our perceptions of our self and
between our perceptions of our self and the stuff that we own and value but this
the stuff that we own and value but this
the stuff that we own and value but this is changing because I think the world is
is changing because I think the world is
is changing because I think the world is changing the rampant consumerism and
changing the rampant consumerism and
changing the rampant consumerism and materialism which has been driven in the
materialism which has been driven in the
materialism which has been driven in the past century is starting to look very
past century is starting to look very
past century is starting to look very awkward when we recognize that the
awkward when we recognize that the
awkward when we recognize that the planet has limited resources previously
planet has limited resources previously
planet has limited resources previously we would aspire to status symbols
we would aspire to status symbols
we would aspire to status symbols typically the sports car everyone would
typically the sports car everyone would
typically the sports car everyone would aspire to have this but we’re beginning
aspire to have this but we’re beginning
aspire to have this but we’re beginning to understand that this is unsustainable
to understand that this is unsustainable
to understand that this is unsustainable and that’s why we are seeing this
and that’s why we are seeing this
and that’s why we are seeing this emergence of a new attitude towards
emergence of a new attitude towards
emergence of a new attitude towards consumerism and materialism you don’t
consumerism and materialism you don’t
consumerism and materialism you don’t actually have to own your car anymore
actually have to own your car anymore
actually have to own your car anymore companies such as uber I’ve done very
companies such as uber I’ve done very
companies such as uber I’ve done very well all this and then there are
well all this and then there are
well all this and then there are companies where you don’t actually have
companies where you don’t actually have
companies where you don’t actually have to own the holiday property air B&B
to own the holiday property air B&B
to own the holiday property air B&B rather people are shifting their
rather people are shifting their
rather people are shifting their perceptions of ownership towards
perceptions of ownership towards
perceptions of ownership towards experiences and for many Millennials the
experiences and for many Millennials the
experiences and for many Millennials the notion of ever owning your house is
notion of ever owning your house is
notion of ever owning your house is increasingly looking more distant rather
increasingly looking more distant rather
increasingly looking more distant rather people would like to have experiences
people would like to have experiences
people would like to have experiences attached themselves to those experiences
attached themselves to those experiences
attached themselves to those experiences claim ownership over those experiences
claim ownership over those experiences
claim ownership over those experiences and I think that’s best illustrated by
and I think that’s best illustrated by
and I think that’s best illustrated by this bizarre phenomenon that we’ve
this bizarre phenomenon that we’ve
this bizarre phenomenon that we’ve all observed in the past couple of years
all observed in the past couple of years
all observed in the past couple of years the rise of the selfie now with the
the rise of the selfie now with the
the rise of the selfie now with the elections coming up next to me I just
elections coming up next to me I just
elections coming up next to me I just had to put this photograph in of Hillary
had to put this photograph in of Hillary
had to put this photograph in of Hillary Clinton ten years ago when you wanted to
Clinton ten years ago when you wanted to
Clinton ten years ago when you wanted to code you know take a picture of Hillary
code you know take a picture of Hillary
code you know take a picture of Hillary Clinton
Clinton
Clinton you’d be pointing the camera at her but
you’d be pointing the camera at her but
you’d be pointing the camera at her but look what happened very recently now
look what happened very recently now
look what happened very recently now although is looking at her they’re
although is looking at her they’re
although is looking at her they’re taking a picture of themselves in in
taking a picture of themselves in in
taking a picture of themselves in in relation to Hillary Clinton
relation to Hillary Clinton
relation to Hillary Clinton it’s as if they want to document their
it’s as if they want to document their
it’s as if they want to document their experience so they can seek validation
experience so they can seek validation
experience so they can seek validation and put up on Facebook or wherever it is
and put up on Facebook or wherever it is
and put up on Facebook or wherever it is and it’s not just people of low status
and it’s not just people of low status
and it’s not just people of low status or loose self-esteem we’re doing this
or loose self-esteem we’re doing this
or loose self-esteem we’re doing this nobody is immune to it even very famous
nobody is immune to it even very famous
nobody is immune to it even very famous people are engaged in the whole selfie
people are engaged in the whole selfie
people are engaged in the whole selfie phenomenon and actually when it comes
phenomenon and actually when it comes
phenomenon and actually when it comes down to famous professors of psychology
down to famous professors of psychology
down to famous professors of psychology there are some of us who would like to
there are some of us who would like to
there are some of us who would like to look back and reflect the glory of
look back and reflect the glory of
look back and reflect the glory of others thank you
others thank you
others thank you [Applause]
”
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