Scarcity as a concept in social psychology operates much like scarcity in economics: it describes how people try to satisfy unlimited wants and needs with resources that are limited. Humans tend to place a higher value on an object that is scarce and a lower value on one that is abundant, which is why diamonds are considered more valuable than rocks. These perceptions of scarcity can lead to irregular consumer behavior, including systematic errors and cognitive bias.
Facts
Classification
Type of Phenomenon Type of PhenomenonSocial or Interpersonal Phenomenon 1 Core ClaimScarcity is how people handle satisfying unlimited wants and needs with limited resources. 1 Connections
In Branch
Source Scarcity (social psychology), Wikipedia
Sources
1. Scarcity (social psychology), Wikipedia
Lead paragraph
Scarcity as a concept in social psychology operates much like scarcity in the area of economics.
lead section, phenomenon-kind classification
Scarcity as a concept in social psychology operates much like scarcity in the area of economics.
lead section, phenomenon-kind classification, additional value cognitive
These perceptions of scarcity can lead to irregular consumer behavior, such as systemic errors or cognitive bias.
In Branch: Social Psychology, Categories
Wikipedia article 'Scarcity (social psychology)' is filed under Category:Social psychology.
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