Some Asterisk configuration files also create objects. The syntax for objects is slightly different than for settings. To create an object, you specify the type of object, an arrow formed by the equals sign and a greater-than sign (=>), and the settings for that object.
In this example, object1 inherits both label1 and label2. It is important to note that object2 also inherits label2, along with label1 (with the new overridden value value0) and label3.
In short, objects inherit all the settings defined above them in the current section, and later settings override earlier settings.
The concept is too nebulous, is this is even a thing anymore?