Should “circumstances matter” be the new “incentives matter”?
Think of poverty’s influences on decision-making as falling into two categories.
The first includes the combined psychological and brain-chemistry effects, all the ways in which poverty can affect the mind as it makes choices. The second is through the nature of the choices themselves, which differs from that of people with means. Read more
As we’ve reported, a classic car bubble is potentially in the making — something which has got us thinking (over three posts) about what really goes into determining the value of rare objects more generally.
From our vantage point — and it certainly is a lay vantage point when it comes to classic cars — there seem to be three core attributes associated with vintage automobiles.
The first is uniqueness.
Value related to uniqueness is understandable since it relates to how easily an object or item can be sourced, replicated or mass produced. For now, there is little chance that a classic Bentley will be perfectly replicated. Value applied on these grounds seems rational enough. Read more
The classic car market is bubbling, which has got FT Alphaville wondering about what really goes into determining the value of rare objects. More specifically why certain objects, despite their ability to be cheaply reproduced, retain value regardless.
In this post, we consider the roles of narrative and myth in value creation.
We’ll start with the argument that a powerful enough narrative or myth can turn even abundant commodities into stores of value in their own right. Read more
In Star Trek: the Next Generation there is an episode in which Fajo, a member of the Stasius Trade Guild, kidnaps and imprisons the Enterprise’s Lieutenant Commander Data, a sentient android, due to his complete uniqueness in the galaxy.
Fajo, it turns out, is an obsessive collector of all things one-of-a-kind. He values Data because there is only one of him in the universe. And unlike one-of-a-kind human beings, Data’s android status in Fajo’s mind allows him to objectify him and treat him as private property. Read more