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The Scarcity Bias: Some Theoretical Notes

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  • Luigi Mittone
  • Ivan Soraperra

Abstract

The bias generated by the subjective perception of scarcity on the consumer's choice is discussed from a theoretical perspective. The core idea here discussed is that scarcity is an Lancasterian attribute of the goods which is not endogenously built in the goods, like many physical attributes, color, weight, etc. but which is dependent from the context where the good is consumed. The exogenously nature of scarcity requires a specific theoretical treatment which is here attempted

Suggested Citation

  • Luigi Mittone & Ivan Soraperra, 2006. "The Scarcity Bias: Some Theoretical Notes," CEEL Working Papers 0603, Cognitive and Experimental Economics Laboratory, Department of Economics, University of Trento, Italia.
    • Handle: RePEc:trn:utwpce:0603
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    File URL: http://www-ceel.economia.unitn.it/papers/papero06_03.pdf
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