Scarcity heuristic

The scarcity heuristic is a way of thinking and making decisions. It means that when something is in short supply or hard to get, it seems more valuable and important to us. People sometimes use the scarcity heuristic to make money or get ahead in the world, because when something is scarce or rare, people are willing to pay more for it. For example, a rare antique book may cost more than a normal book because it is rare.