The Scarcity Bias

The bias generated by the subjective perception of scarcity on the consumer's choice is investigated using two separated experiments. The first experiment is aimed to define the prevailing preferences towards a set of commodities, the second experiment checked the effects produced by the perception that a given good is "scarce". The results shown a preference reversal phenomenon when scarcity is introduced in the experimental design. The results are coherent with a previous experiment (Mittone, Savadori, Rumiati, 2005) based on a developmental explanation of the basic scarcity bias and carried on a sample of children as participants.

[1]  Michael Lynn,et al.  Individual Differences in the Pursuit of Self‐Uniqueness Through Consumption , 1997 .

[2]  George J. Szybillo.  A situational influence on the relationship of a consumer attribute to new-product attractiveness. , 1975 .

[3]  Ayse Öncüler,et al.  Effects of study design characteristics on the WTA–WTP disparity: A meta analytical framework , 2005 .

[4]  M. Lynn,et al.  The desire for unique consumer products: A new individual differences scale , 1997 .

[5]  L. Savadori,et al.  Does scarcity matter in children's behavior? A developmental perspective of the basic scarcity bias , 2005 .

[6]  F. A. Powell.  The perception of self‐uniqueness as a determinant of message choice and valuation , 1974 .

[7]  Michael Lynn,et al.  Scarcity effects on desirability: mediated by assumed expensiveness? , 1989 .

[8]  K. McConnell,et al.  A Review of Wta/Wtp Studies , 2000 .

[9]  The Effect of Scarcity on Anticipated Price Appreciation , 1996 .

[10]  K. Lancaster.  A New Approach to Consumer Theory , 1966, Journal of Political Economy.

[11]  M. Degroot,et al.  Measuring utility by a single-response sequential method. , 1964, Behavioral science.

[12]  M. Lynn.  Scarcity effects on value: A quantitative review of the commodity theory literature , 1991 .

[13]  Ivan Soraperra.  Revealed Preferences, Choices, and Psychological Indexes , 2009 .

[14]  H. Fromkin.  Effects of experimentally aroused feelings of undistinctiveness upon valuation of scarce and novel experiences. , 1970, Journal of personality and social psychology.

[15]  Robin Gregory,et al.  The role of affect in the WTA/WTP disparity , 2003 .