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John_Maxwell_IV comments on How To Have Things Correctly - Less Wrong
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I think that for some people, and some things, it may be rational to value things with 'negligible market value' just because they are theirs. Examples are knicknacks that you bought as souvenirs of an enjoyable trip, gifts that you don't use but like looking at once in a while, photos, etc... I don't personally like having souvenirs lying around, and gifts that I don't use are annoying, but I know other people who seem to get a lot of emotional comfort from physical objects.
Sure. One good test might be: If you lost this item and miraculously found it again at a flea market, would you buy it back? If you would not, that suggests the item is worth less than its market price to you, and you might want to sell it for its market price (assuming that's not too difficult).