[lukas099]

A lot of people are misunderstanding my point. It's not that intangibles don't matter or that people shouldn't spend money on their preferences.

Trust me; I spent $2,000 on a bicycle recently. Not a sports bike or mountain bike or anything. Just a bike for getting around town. Am I under some illusion that I needed to spend 2k on a transportation bike? Of course not. But it's something that I use every single day and derive great joy from using, so I prioritize having a nice one. So I am no stranger to spending money on optional things.

I also enjoy mountain biking, but I only really do it when I'm with my dad which is like 2 times a year. So instead of buying a mountain bike, I rent them. And I rent nice ones (nicer than I would buy, man those things get expensive).

My point is that there is a bias toward ownership of certain conventional things that don't get used very often, and are easy to obtain temporarily. (And of course every example I used had people responding, "I have that and use it all the time!", which is also missing the point.)

[calf]

It's not obvious that buying the frequent item and renting the infrequent item is the reasonable thing to for all situations and contexts.

I don't see a complete argument where doing so is strictly more rational than doing the polar opposite, i.e. hypothetically, renting the frequent item and vice versa.

I also think the frequent vs infrequent products are not equivalent in the first place. A dining room is just not the same as a restaurant setting, so a rational trade-off must account for that inequivalence. So far, you have assumed that a home dining room party and a restaurant room party are equivalent social experiences. They probably aren't.

[lukas099]

> It's not obvious that buying the frequent item and renting the infrequent item is the reasonable thing to for all situations and contexts.

Owning something means taking on the liabilities of storage, maintenance, and depreciation. Renting allows you to only pay for the parts of those liabilities commensurate with your time of usage. Therefore if your time of usage of something is small, there are relatively more gains in reducing your share of these liabilities in this way.

Conversely, owning confers the benefit of reducing the friction involved in each individual use of something. So it stands to reason that the more useages, the more benefits owning confers.

> I also think the frequent vs infrequent products are not equivalent in the first place. A dining room is just not the same as a restaurant setting, so a rational trade-off must account for that inequivalence. So far, you have assumed that a home dining room party and a restaurant room party are equivalent social experiences. They probably aren't.

I agree that they are different. But the attitude I am arguing against is that of 'if I don't own this thing, these experiences will never happen'. In other words, people seem to be completely discounting the substitute experiences. In reality, there are other places to go besides one's house, and even at one's house there are other things to do besides eating dinner, and even if one wants to eat dinner at one's house, it is not that different whether you eat it at the kitchen table, on a fold-out table in a game room, or in a bona fide dining room.

[calf]

To the first point, I get the heuristic of a cost-benefit analysis of buying vs renting, with hidden costs being things like maintenance (liabiliities), opportunity cost, transactional convenience (friction). But this heuristic is just that, it has no validation power over e.g. the commenter who pointed out "I want the long car rides to be in my own car which I know and love". Etc. Your mistake is using a heuristic (from idealized spherical cow economics) as a totalizing theory for human motivations.

To the second point, what a dining room offers is social intimacy and formality at once. This is something a kitchen table does not do (formality, think a White House dinner), and a restaurant cannot do either (intimacy, think traditional cultural celebrations at home such as Chinese New Year entailing many social rituals and practices). A dining room has the fundamentally distinct property of being a setting for both. That's the actual source of disagreement which is why there were so many objections by other commenters given your continued insistence that "it's not that different".