Robert Cialdini, one of the foremost experts on influence, found that people value and desire something more when it is rare or difficult to obtain. He called this the Scarcity Principle). Across numerous experiments, Cialdini and others have found that making something rare ("only 5 left"), time limited ("one day sale"), or unique ("just for you"), increases its perceived attractiveness and value. Scarcity surely works in economical situation, and also in real life relationship. In fact Scarcity Principle is one of the major “weapons” in persuasion.
1.Explanation of the Scarcity Principle:
Scarcity is a heuristic, which is the mind 's automatic, hard-wired set of habits. They are ancient and powerful and, for the most part, unrecognized. The scarcity heuristic is the brain saying, if something is rare, it much be good. The value heuristic says, if I really desire something, it must be scarce. These closely entwined heuristics reinforce each other in a kind of cycle, shaping all sorts of judgments and life decisions. Sometimes those heuristics are irrational traps, and other times they are indispensable short-cuts. The trick is to recognize them and use them in the right way
Robert explains that this Scarcity Principle works on the idea of Reactance. Essentially, it happens because none of us like to be told no, limited in any way, or have our freedom constrained. So, when we think we might miss out, not be chosen, or be denied what we want, we "react". That reactance makes us try all the harder and want what is denied us all the more.Think of it like "reverse psychology" used on little children. When you tell Tommy he "can’t play with dirt", he will do it. Apparently, according to the research, grown-ups are no different.
Scarcity, in the area of social psychology, works much like scarcity in the area of economics. Simply put, humans place a higher value on an object that is scarce,
References: -Influence: The Psychology of Persuasion by Robert Cialdini -Experiment results from psychologytoday.com -“Fan street” : http://vnexpress.net/gl/kinh-doanh/2013/04/giai-toa-pho-quat-dien-tieu-thuong-chay-dua-xa-hang/