Tag Archives: josh-glenn

The Transformative Power of a Narrative

Can a nar­rat­ive attached to an every­day object increase its object­ive value? That was the ques­tion posed by Rob Walk­er (author of The New York Times’ Con­sumed column) and Joshua Glenn (author of Tak­ing Things Ser­i­ously) when they star­ted the Sig­ni­fic­ant Objects Pro­ject—an exper­i­ment designed to test wheth­er a series of stor­ies cre­ated about an object will increase its selling price.

After buy­ing 100 “unre­mark­able” objects with an aver­age price of just under $1.29 each, the two advert­ised them for sale along­side nar­rat­ives cre­ated by volun­teers. They then sold for a total of $3,612.51—more than 28 times their ori­gin­al price.

Dan Ari­ely of Pre­dict­ably Irra­tion­al dis­cusses the pro­ject and its find­ings:

The res­ults may seem sur­pris­ing, but this is actu­ally some­thing we see all the time. It’s the basic idea behind the endow­ment effect, the the­ory that once we own some­thing, its value increases in our eyes. […] But own­er­ship isn’t the only way to endow an object or ser­vice with mean­ing. You can also cre­ate value by invest­ing time and effort into some­thing (hence why we cher­ish those scrag­gly scarves we knit ourselves) or by know­ing that someone else has (gifts fall under this cat­egory).

And then there’s the power of stor­ies: spend a fant­ast­ic week­end some­where, and no mat­ter what you bring back […] you’ll value it immensely, simply because of its asso­ci­ations. This explains the find­ings of the Sig­ni­fic­ant Objects Pro­ject, and also how oth­er things like brand­ing works.