Robert Cialdini's scarcity principle explains why people value limited things more. Diamonds cost so much partly because we think they're rare, even though their actual scarcity is questionable. Marketers use this fear of missing out to drive sales.
Now let's talk about scarcity. Now scarcity, I think this is something that most of us are familiar with, though we may not know it by that name scarcity, but that's what Cialdini calls it because it's a powerful thing. And what it's based on, the principle of scarcity, is built on the idea of what, you know, what's known today in social media as FOMO. Fear of missing out. That's what the scarcity principle is based on, built on, uh, the human psychology that these social psychologists spend all their time, you know, studying the human, uh, nature and the human mind and human tendencies, is that we, for some reason, we equate what is scarce and limited as valuable. For example, that's why diamonds— I don't know that they're as scarce as they make us think they are,
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