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Scarcity effects on value: A quantitative review of the commodity theory literature
Author(s) -
Lynn Michael
Publication year - 1991
Publication title -
psychology and marketing
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.035
H-Index - 116
eISSN - 1520-6793
pISSN - 0742-6046
DOI - 10.1002/mar.4220080105
Subject(s) - scarcity , commodity , value (mathematics) , economics , positive economics , marketing , microeconomics , psychology , business , computer science , market economy , machine learning
Abstract Commodity theory (Brock, 1968) deals with the psychological effects of scarcity. According to the theory, scarcity enhances the value (or desirability) of anything that can be possessed, is useful to its possessor, and is transferable from one person to another. This article introduces commodity theory to the marketing literature, reports a meta‐analysis of studies designed to test the theory, and discusses the marketing implications of the theory along with suggestions for future marketing research.