Scarcity effect

“You never know what you have until it’s gone.”

As I stood working my monotonous nine to five a few days ago, I started talking about music with my good friend. We got deep into conversation about a certain song to the point where we even pulled up the lyrics to dissect them.

At that moment, I realized that all I wanted to do was to hear that song. I was so bored of the same music that played every single day that I felt like hearing that song just once would turn my day around. 

After work, I instantly turned the song on in my car to listen to it. It was great, but not as great as I anticipated it would be.

WHY?

The scarcity effect.

DEFINITION:

Scarcity effect

A cognitive bias that makes people place a higher value on an object that is scarce and a lower value on one that is available in abundance.

When I couldn’t hear that song I wanted to, I craved it. I lusted to hear this one simple song. I felt like it could cure my craving. But as soon as I had the ability to hear the song as much as I wanted, the craving was gone, and the value was lost.

The scarcity effect has much to do with gratification.

There are 2 types of gratification: instant and delayed.

Instant gratification cures the scarcity effect. By fulfilling needs that you have in the moment, you are able to lower the craving you have for those needs. But in return, you also lower the value of the experience.

Delayed gratification makes you wait much longer until that need is fulfilled. By doing this, it builds up the craving and the drive to fulfill the need and makes the value of the experience even higher.

Getting what you want right then and there sounds amazing, until you get it. Then all of that anticipation for that moment is gone, and the thrill is lost. 

By simply delaying the pleasures of life, we are able to enjoy the build up. The path to fulfillment becomes what thrills us. And the completion is that much more gratifying.

Lately, I have been thinking about the scarcity effect in relation to my own personal experiences in life. 

The more I delay enjoyment and choose to focus on work, the more I enjoy the moments I do get to let go and have fun.

Life is a balance.

The longer you wait to fulfill a craving, the more satisfying the experience is.

I challenge you to think of the scarcity effect before you choose to fulfill a “pressing” need. I challenge you to ask yourself…

“Is this worth doing right now?”

“Would it be more fulfilling if I waited”

“Would I work harder if I push through the craving and wait?”

Challenge yourself to wait. Make the best things in life scarce and they will be more enjoyable.

Sometimes it is better to just enjoy the feeling of anticipation.

Too much of a good thing is a bad thing.

***

Thank you for reading.

I appreciate every single person who happens to stumble across these deep sentiments buried in my subconscious.

I hope if you’re here you can relate.

My goal is to help others better themselves while doing the same.

This is The Exploration.