Brand Ownership As a Central Component of Adolescent Self‐esteem: The Development of a New Self‐esteem Scale

This article outlines the development of a new scale to measure adolescent self‐esteem. The new scale addresses weaknesses in existing measures that have failed to consider the growth of the consumer society in the Western world and the impact of this on the formation of adolescent self‐esteem. The development of this scale includes extensive qualitative research with over 100 high school pupils, which led to a series of quantitative data collection and analysis processes to develop the scale. In the final stage, data were collected from 889 pupils and analyzed to confirm the validity and reliability of the new measure. The result of this work is a 21‐item self‐esteem scale comprising of four distinct, yet interrelated factors: self‐evaluation, social ability, social comparison effects, and notably, brand ownership. The findings provide an updated and upgraded measure of self‐esteem that takes into consideration the specific audience of adolescents living in a consumer culture. The scale development process demonstrates that when considering the formation of self‐esteem, the influence of the use and possession of commercial brands is as relevant as the traditional factors/components such as academic achievement or sporting prowess.     

The Commodification of Self‐Esteem: Branding and British Teenagers

This study explores the role of consumption in the lives of British adolescents, with a particular focus on its role in forming and maintaining self‐esteem. Through a large qualitative study, over 100 adolescents revealed their attitudes and feelings toward consumption—particularly fashion. It was found that as a result of peer pressure and the importance of conformity among adolescents, consuming the correct possessions at the right time, is essential for social acceptance, gaining and maintaining friendships and thus self‐esteem. This paper argues that self‐esteem has been commodified. The consequences of failing to “keep up” with consumption trends were revealed; these include social exclusion, negative peer evaluation, and reduced self‐esteem. Moreover, these negative consequences were particularly pronounced among adolescents from low‐income families who, in contrast to their financial status, were eager to purchase the more expensive brands. Adolescents appear to have a striking awareness of the role of branding, advertising, and peer pressure in forming their consumption attitudes, yet they are unable to resist them. The findings from this study highlight the need for a rethinking of the more traditional components of adolescent self‐esteem.     

THE STOCHASTIC VOLATILITY MODEL OF BARNDORFF‐NIELSEN AND SHEPHARD IN COMMODITY MARKETS

We consider the non‐Gaussian stochastic volatility model of Barndorff‐Nielsen and Shephard for the exponential mean‐reversion model of Schwartz proposed for commodity spot prices. We analyze the properties of the stochastic dynamics, and show in particular that the log‐spot prices possess a stationary distribution defined as a normal variance‐mixture model. Furthermore, the stochastic volatility model allows for explicit forward prices, which may produce a hump structure inherited from the mean‐reversion of the stochastic volatility. Although the spot price dynamics has continuous paths, the forward prices will have a jump dynamics, where jumps occur according to changes in the volatility process. We compare with the popular Heston stochastic volatility dynamics, and show that the Barndorff‐Nielsen and Shephard model provides a more flexible framework in describing commodity spot prices. An empirical example on UK spot data is included.