Collen Kirk’s recent paper investigated consumers’ psychological ownership and their economic valuation of pets <link>. She discusses the juxtaposition of dogs versus cats and how that plays out in economic terms. Her results clearly show that the animal’s behavior is what makes people willing to pay and that psychological ownership is a driving factor in dog owners’ higher valuations.
Source: The Conversation, April 4, 2019. Link. Kirk’s research offers a first look at psychological ownership of a living creature and its effect on economic valuation.
Source: Science Direct, Journal of Business Research, March 7, 2019. Link. Highlights:
- Consumers will pay more for surgery, insurance, and specialty pet products for dogs than cats.
- Valuation differences are due to consumers’ feelings of ownership and attachment for dogs vs. cats.
- Perceived control of the pet’s behavior drives consumers’ feelings of ownership and valuation.
- These valuation differences are reversed when a dog behaves like a cat and a cat behaves like a dog.
INSIGHTS: This is fascinating. I’m curious to know if there are any trends about owners who had a unsatisfactory dog experience and switched to a cat when choosing another pet.