Scarcity and value

The gist I have right now is that we tend to overvalue highly scarce resources, and undervalue highly abundant resources (independent of their scarcity, i.e. over-adjusting for the scarcity).

This might be reflected in traditional markets, but also in other areas (undervaluing science because it is easy to gain the information gathered from it^[ rationality, from a to z#^7135a0]). Another way of putting it, we forego commonly available choices more often than we “should”.

Would be curious if there is more data regarding this.