Scarcity bias
(reading time – 1 min.)

The more difficult it is to acquire an item the more value that item has. When there is only a limited number of items available. The rarer the opportunity, the more valuable it is.

People assume that things that are difficult to obtain are usually better than those that are easily available. They link availability to quality. On “Black Friday”, more than getting a bargain on a hot item, shoppers thrive on the competition itself, in obtaining the scarce product.

In a famous study, one group of participants were given a jar with ten cookies, a second group was given two cookies, and a third group was initially given ten cookies, which were then reduced to two cookies. when asked the participants to rate their cookies, the third group rated their cookies the highest.

Topic: #CognitiveBiases
Source: Wikipedia