According to modern finance, the three most important characteristics of an investment are its expected return, risk, and correlation with other investments. Indeed, in portfolio theory, these are the only investment characteristics that manner.

But real people often seek much more from their investments. Meir Statman explains two categories of benefits; utilitarian and expressive. For investing, utilitarian benefits are those benefits that apply to investing needs. Aspects of return, risk, and correlation are utilitarian benefits. More utilitarian benefits would be the investment's cash flow and liquidity. Expressive benefits are those characteristics that let us identify ourselves in social status, values, and level of social consciousness, and convey those characteristics to others.

Many products and services are marketed with both utilitarian and expressive benefits in mind. In addition to transportation, a hybrid car expresses environmental awareness, while a Mercedes expresses status. Ben & Jerry's ice cream promotes both the utilitarian benefits of product quality with the expressive benefits of social and environmental commitments. People seem to value both types of benefits.