A powerful influence in our decision making is deficiency: if their availability is limited, opportunities are noticed as more valuable. This appears to be caused by the fact people hate losing opportunities, which is well-known by advertisers and is clear within their use of “For a restricted time only!” “Last opportunity!” “Sale finishes in two days!”
A study demonstrated that when participants were told on meat of a limited-time sale, they bought three times more than if there was no time limit. Interestingly, this effect was compounded when people were told that merely a select few knew about the sale. The deficiency of both the information as well as the offer itself made shoppers buy six times more meat than customers oblivious of the time limit!
Deficiency becomes a robust influence under two states: First, we have a tendency to want something more than if it has not been high all along if its availability has decreased recently. This is why revolutions are inclined to occur when living conditions deteriorate sharply rather than when they’re low. The surprising drop increases folks’s want for something better, so that they take action.
Second, competition constantly establishes our hearts racing. Whether in romances auctions or real-estate deals, the thought of losing something to a rival often turns us from hesitant to overzealous. That is why, to buyers, real estate agents often mention for example that several other bidders will also be enthusiastic about a house that is given, whether true or not.
To counter the eagerness that arises from deficiency, we should always consider whether we want the item in question because of its use to us (for example, its flavor or function), or just because of an irrational wish to possess it. The answer will often function as latter, when deficiency is being used against us.
When opportunities become scarce, we want them more.