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Does scarcity matter in children's behavior? A developmental perspective of the basic scarcity bias

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  • Luigi Mittone
  • Lucia Savadori
  • Rino Rumiati

Abstract

The bias generated by the subjective perception of scarcity on economic behavior was investigated on two groups of children aged 9-10 and 12-14 years old and on a sample of adults. Children had to choose a toy among a set of identical objects varying only in color: one color was scarce the other abundant. Color was counterbalanced across conditions. Younger children showed a basic scarcity bias: they preferred systematically the toy that was scarce in color. In older children however this tendency disappeared and was reversed in adults. The results are coherent with a developmental explanation of the basic scarcity bias which tends to be present at early stages of cognitive development but gets weaker and is substituted by other strategies and social schema as the individual develops and accumulates experience.

Suggested Citation

  • Luigi Mittone & Lucia Savadori & Rino Rumiati, 2005. "Does scarcity matter in children's behavior? A developmental perspective of the basic scarcity bias," CEEL Working Papers 0501, Cognitive and Experimental Economics Laboratory, Department of Economics, University of Trento, Italia.
    • Handle: RePEc:trn:utwpce:0501
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    File URL: http://www-ceel.economia.unitn.it/papers/papero05_01.pdf
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    References listed on IDEAS

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    1. Kelvin J. Lancaster, 1966. "A New Approach to Consumer Theory," Journal of Political Economy, University of Chicago Press, vol. 74, pages 132-132.
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    Cited by:

    1. Li, Hui & Xu, Yunjie & Huang, Lihua, 2021. "When less is more? The contingent effect of product supply limitation in the release of new electronic products," Journal of Retailing and Consumer Services, Elsevier, vol. 60(C).
    2. Ivan Soraperra, 2009. "Revealed Preferences, Choices, and Psychological Indexes," Working Papers 643, Queen Mary University of London, School of Economics and Finance.
    3. Michal Maimaran & Yuval Salant, 2019. "The effect of limited availability on children’s consumption, engagement, and choice behavior," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 14(1), pages 72-79, January.
    4. repec:cup:judgdm:v:14:y:2019:i:1:p:72-79 is not listed on IDEAS

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