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 ...