What is possession utility?


Quick Answer

Possession utility is a term that explains and possibly measures the satisfaction that comes from owning a product or enjoying a service. In theory, there are just as many possession utilities as there are a growing number of goods and services. The satisfaction in possession utility comes from the right of someone to do what they want with their property inside the boundaries of the law.

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What is possession utility?
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Full Answer

Because the amount of satisfaction that comes from owning a good or enjoying a service varies from person to person, possession utility is subjective. Where some individuals enjoy owning a double wide trailer in rural geographic locations, others pass on the opportunity. Possession utility also has an opportunistic side to it. For example, the value of a breath mint increases during a job interview. As personal needs increase and evolve within a given society, the need for possession utility grows in value for some people every day.

Possession utility comes down to understanding how people enjoy what they have and what they offer others. Although possession utility is personal, it is also fundamental and usually results after some kind of legal exchange. At times, it is possible and even preferable to share possession utility such as dancing on a large dance floor with a partner.

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