The Scarcity Bias
AbstractThe 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.
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Bibliographic InfoPaper provided by Cognitive and Experimental Economics Laboratory, Department of Economics, University of Trento, Italia in its series CEEL Working Papers with number 0505.
Date of creation: 2005
Date of revision:
Scarcity; Decision-making; Economic behavior;
This paper has been announced in the following NEP Reports:
- NEP-ALL-2005-10-23 (All new papers)
- NEP-CBE-2005-10-27 (Cognitive & Behavioural Economics)
- NEP-EVO-2005-10-31 (Evolutionary Economics)
- NEP-EXP-2005-10-26 (Experimental Economics)
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- Ivan Soraperra, 2009. "Revealed Preferences, Choices, and Psychological Indexes," Working Papers 643, Queen Mary, University of London, School of Economics and Finance.
- Nichols, Bridget Satinover, 2012. "The development, validation, and implications of a measure of consumer competitive arousal (CCAr)," Journal of Economic Psychology, Elsevier, vol. 33(1), pages 192-205.
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