Ghazi, Soroush; Schneider, Mark - 2022
We investigate consumers’ preference for scarcity in a real market with large stakes. We find evidence that the … elasticity of demand for scarcity is constant across prices ranging from $50 to nearly $4 million, that preference for scarcity … explanation for the functional form of scarcity preference in terms of Zipf’s law that underlies other regularities in the social …