Interesting behavioral finance implications of this.
1. Boasting/bragging that you own something matters.
2. The history of an asset matters (people would pay more of something that has an interesting story, or was owned by someone they "liked").
3. Pain is state dependent.
4. Pleasure/pain is subjective and relative.
Paul Bloom: The origins of pleasure - YouTube: "Psychologist Paul Bloom argues that human beings are essentialists -- that our beliefs about the history of an object change how we experience it"