In August 2005, when Google announced it would launch its own e-mail service, most of us were dead-set on getting an account. At the time, new accounts were very restricted and were given out only by invitation. This made people want one even more. But why? Certainly not because we needed another e-mail account or because Gmail was better than the competition, but simply because not everyone had access to it. Looking back, we have to laugh at how childish we are.
“Rara sunt cara”, said the Romans. Rare is valuable.
In one study, participants were split into two groups. The first group received an entire box of cookies and the second group received just 2 cookies. Then the 2 groups were asked to access the cookies’ quality. In the end, the second group with just 2 cookies rated the quality much higher than the first group did. The experiment was repeated several times and always showed the same result.
“Only while stocks last”, the ads alert. “Today only”, warn the posters. Real estate agents inform potential buyers that someone else is also interested in buying the same property, urging them to close the deal. Gallery owners place red “sold” signs under most of their paintings, transforming the remaining few works into rare items that must be snatched up quickly.
We collect stamps, coins, vintage cars even when they serve no practical purpose. The post office doesn’t accept the old stamps, the banks don’t take old coins, and the vintage cars are no longer allowed on the road. These are all side issues; the attraction is that they are in short supply.
The typical response to scarcity is a lapse in clear thinking. Assess products and services solely on the basis of their price and benefits. It is not relevant whether an item is disappearing fast or if someone else is also taking an interest.
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