The Interplay of Scarcity Effect and Sunk Cost Fallacy in Consumer Irrational Behavior: A Study of the Guzi Economy
DOI:
https://doi.org/10.54097/tjde0v29Keywords:
Guzi economy, irrational behaviours, Scarcity effect, Sunk cost.Abstract
Guzi refers to peripheral products derived from IPs of 2D cultural content, which also known as ACGN (Anime, Comic, Game, Novel). By using ethnographic observation, this study addresses a gap in the literature by applying classical behavioral economic frameworks—specifically, the theories of scarcity and the sunk cost fallacy—to the emerging hedonic economy and guzi economy. Consequently, this study demonstrate an analysis on how do consumers’ irrational behaviors and impulsive consumption in guzi economy be stimulated by the scarcity effect and the sunk cost fallacy.The results indicate that the business model of limited-edition merchandise systematically leverages scarcity effect to activate consumer characteristics, including the need for uniqueness, need for conformity, regret aversion and reactance. Besides, merchants strategically manipulate sunk cost perception through a high-connected approach: randomizing acquisition costs via blind boxes, inflating perceived value through artificial scarcity, obscuring financial outlays via digital payment systems, and ultimately outsourcing cost justification to consumers' emotional self-rationalization.
Downloads
References
[1] Yang C P. Emotional Consumption and Scene Reconstruction: Insights from 'Guzi Economy' for the Derivative Development of Publishing IPs, CNKI (China National Knowledge Infrastructure),2025: 111-117.
[2] Liu S L, Zhu Q Q. On the conceptual evolution of ACG culture and its cultural consumption characteristics, Modern Communication (Journal of Communication University of China), 2020,42(08):22-26.
[3] Arkes H R, Blumer C. The psychology of sunk cost[J]. Organizational behavior and human decision processes, 1985, 35(1): 124-140.
[4] Kahneman D, Tversky A. Prospect theory: An analysis of decision under risk[M]//Handbook of the fundamentals of financial decision making: Part I. 2013: 99-127.
[5] Shi X, Li F, Chumnumpan P. The use of product scarcity in marketing[J]. European Journal of Marketing, 2020, 54(2): 380-418.
[6] Brock T C. Implications of commodity theory for value change[J]. Psychological foundations of attitudes, 1968: 243-275.
[7] Belk R W. Possessions and the extended self[J]. Journal of consumer research, 1988, 15(2): 139-168.
[8] McAfee R P. The Economics of Conformism[J]. 1986
[9] Bernheim B D. A theory of conformity[J]. Journal of political Economy, 1994, 102(5): 841-877.
[10] Loomes G, Sugden R. Regret theory: An alternative theory of rational choice under uncertainty[J]. The economic journal, 1982, 92(368): 805-824.
[11] Brehm J W. A theory of psychological reactance[J]. 1966.
[12] Clee M A, Wicklund R A. Consumer behavior and psychological reactance[J]. Journal of consumer research, 1980, 6(4): 389-405.
[13] Roy R, Sharma P. Scarcity appeal in advertising: Exploring the moderating roles of need for uniqueness and message framing[J]. Journal of Advertising, 2015, 44(4): 349-359.
[14] Babin B J, Darden W R, Griffin M. Work and/or fun: measuring hedonic and utilitarian shopping value[J]. Journal of consumer research, 1994, 20(4): 644-656.
[15] Gierl H, Huettl V. Are scarce products always more attractive? The interaction of different types of scarcity signals with products' suitability for conspicuous consumption[J]. International Journal of Research in Marketing, 2010, 27(3): 225-235.
[16] Mvondo G F N, Jing F, Hussain K. What's in the box? Investigating the benefits and risks of the blind box selling strategy[J]. Journal of Retailing and Consumer Services, 2023, 71: 103189.
[17] Zeelenberg M, Van Dijk W W, Manstead A S R, et al. On bad decisions and disconfirmed expectancies: The psychology of regret and disappointment[J]. Cognition & Emotion, 2000, 14(4): 521-541.
[18] Keinan A, Kivetz R. Remedying hyperopia: The effects of self-control regret on consumer behavior[J]. Journal of Marketing Research, 2008, 45(6): 676-689.
[19] Barton B, Zlatevska N, Oppewal H. Scarcity tactics in marketing: A meta-analysis of product scarcity effects on consumer purchase intentions[J]. Journal of Retailing, 2022, 98(4): 741-758.
Downloads
Published
Issue
Section
License
Copyright (c) 2025 Highlights in Business, Economics and Management
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
