(highlight:: An artificial scarcity arises when the cost of
duplication
is less than the lifetime opportunity cost
of traveling with or to a good.
In the case of dry erase markers,
leaving about three working dry erase
markers labeled "DO NOT TAKE" in a lecture hall will eliminate the need to
remember to bring your own for the duration of a semester.)
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(highlight:: To determine whether or not you have an artificial scarcity,
you first need to consider the cost of travel to or with that good;
you then need to consider the cost of duplicating that good
near points of use.
For example, what is the cost of packing up a laptop power adapter and
carrying it with you versus the cost of having an extra adapter at the
office?)
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- [note::Note: artificial scarcities are relative - the cost of travel to or with a good to one person may be different from that of another person.]

(highlight:: When you only have one copy of any item,
you either have to remember to carry it with you, or
pay a steeper transit cost to reach the item.
For example, the cost of traveling with the adapter combines the
mental burden of remembering to take the adapter
with the opportunity cost of time spent packing and unpacking
and the space lost in your bag.
Suppose you spend a minute each day packing and unpacking the adapter.
Within a year, you've lost about six hours to just packing and unpacking your
adapter.)
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(highlight:: The cost of duplication
includes
the nominal cost of buying a item.
But, there are other costs.
There is the opportunity cost of space--the value
of the space lost to the duplicated item.
Larger items have higher space costs.
There is also the one-off
opportunity cost of time spent acquiring the
duplicate item.)
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(highlight:: Some items come with a reset cost.
Anything that has to be cleaned before reuse (like a baby bottle or a
frying pan) has a reset cost.
It's often easier to reset these items in bulk instead of per-use.)
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(highlight:: When I sense an artifical scarcity, I do a quick price
check on the item on amazon.
Often times, I order a duplicate (or two) on the spot.)
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(highlight:: When the item arrives, my wife uses
a label maker
to note the appropriate home location of the item:
The labels ensure that items accidentally left out of their place are soon
returned to their home location.)
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(highlight:: A good strategy for multi-story houses is to have a duplicate
of each frequently used item on each floor.)
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(highlight:: Pens and pencils cost little, but they are often hard to find.
Try keeping a small pad of paper under each phone
along with a few pens and pencils assigned to that pad.)
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(highlight:: Pairs of scissors are needed everywhere and frequently.
Assign a pair to each floor or each desk:)
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(highlight:: If you have areas of the house that go dark
during a power outage,
it's a good idea to set up
power-failure flashlights.
And, then it's rarely hard to find a flashlight when you need it.)
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(highlight:: First aid kits
are cheap.
We have one under each sink and in each car, and
we use the bandaids and
painkillers in each one.
I also carry bandaids in my wallet.)
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(highlight:: Laptop power adapters are bulky, heavy and cumbersome.
We keep laptop power adapters pre-installed
everywhere we frequent.)
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(highlight:: We keep an
Ikea Fixa
tool box assigned to
each floor, so that we always have
easy access to screwdrivers, hammers, pliers and wrenches.)
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Chapstick is so cheap that it (probably makes sense to keep one in every
bathroom and in the office.)
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(highlight:: With babies, it's good to set up a few "baby stations," each
with
changing pads,
wipes,
diapers
and
diaper genie.
It's also good to buy a two-day supply of baby bottles,
so that they can be washed in bulk rather than on demand.)
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(highlight:: hard drive space is a digital artificial scarcity.
Folks waste time managing hard drive space and deleting files
instead of just buying a bigger hard drive.)
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(highlight:: Many also agreed that it was inefficient to have only one copy of some
books in an office. For books that are an important technical reference,
it's probably worthwhile to have a copy at everyone's desk.)
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Toilet paper should be stocked plentifully in every bathroom.
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Kleenex should be available at every desk.
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