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It depends on the type of pet, as different animals can contribute in different ways. Cats help keep populations of vermin (such as mice, rats, some insects, etc) down and have been shown to lower blood-pressure, while dogs (depending on breed) can help hunt, herd livestock, or protect against intruders. Even small dogs can function as an extra alarm-system.

Generally speaking, though, some good reasons for keeping pets are

1) Company. Humans need some kind of social contact. When humans are isolated, they will even bond with inanimate objects (like an orphan's doll, or "Wilson" the volleyball in Castaway) just to keep from going insane. Having a pet helps tremendously.

2) Responsibility. More than just having companionship, it's good for us to feel responsible for another's well-being. We take better care of ourselves when we know someone needs us. People who need exercise are more likely to get it when they have a dog who needs walking.

3)Heat (Not applicable for cold-blooded pets such as fish and reptiles). Ever heard the expression 3 Dog Night? It's more than just the name of a rock band; some people would keep warm on cold nights by having their dogs pile onto the bed with them. Snuggling up with something warm and furry may help make the winters more bearable.

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