Scarcity error
Also known as: Scarcity principle · Fear of missing out
What it is
Valuing something more when it appears limited in supply or time.
Example "Only 3 left!" or "Offer ends tonight" pushes a quick purchase.
Related
Appears in
References
- Wikipedia: Scarcity error en.wikipedia.org
- The 99 thinking errors in Rolf Dobelli's The Art of Thinking Clearly en.wikipedia.org
- Cialdini's seven principles of influence en.wikipedia.org
- Wikipedia: List of cognitive biases en.wikipedia.org
- Wikipedia: Cognitive bias codex en.wikipedia.org
More in “Deciding and acting: incentives, loss and commitment”
Overconfidence effectLoss aversionSunk-cost fallacyCognitive dissonanceMotivated reasoningIncentive super-response tendencyStatus quo biasEndowment effectOptimism biasPlanning fallacyOutcome biasHyperbolic discountingAffect heuristicAction biasOmission biasDefault effectFear of regretAmbiguity aversionParadox of choiceDecision fatigueProcrastinationHedonic treadmillMental accountingEffort justificationIllusion of controlHouse-money effectWinner's curseMotivation crowdingNeomaniaNot-invented-here syndromeInability to close doorsOverthinkingStrategic misrepresentationDéformation professionnelleZeigarnik effectIllusion of skillDomain dependenceBeginner's luckSleeper effect"Get worse before it gets better" fallacyVolunteer's folly