For instance, if I received a 500 rupee note or gold coin as a gift from a sacred person, such as a religious scholar, cleric, or teacher, I kept it in my locker as a valuable item and never used it for monetary transactions. Is there a term in economics for this (such as "experiential value" for when we do something for our own enjoyment without expecting to be compensated for it)?
I know a religious term for this, that is, Good Samaritan, which menas a giving without expecting any return. Just for your reference.
In countries with Latin tradition we call "relíquias". It means that have simbolic and religious value and therefore we can't define a economic value. However the market of "relíquias" moves millions because it's a source for collectors.
yes, mutlicultural views can broaden our horizon and enhance our understanding of the issue.
Another word we use more in the archeological and or anthropological sense, maybe, more accurate to your case wil be symbolic artifact.
One of my friends suggested me the economic terms for this is "psychic value".
Am I right ?
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