Buyers for supermarkets, told by a supplier that beef was in scarce supply, gave orders for twice as much beef as buyers told it was readily available.
In the defense of consumers, this behavior is in fact rational. A shortage increases the likelihood of a stockout in the near future, so it behooves you to buy more now when you can so you can maintain your own personal inventory and avoid the consequences of the coming stockout. This behavior is one cause of the Bullwhip Effect.
Buyers for supermarkets, told by a supplier that beef was in scarce supply, gave orders for twice as much beef as buyers told it was readily available.
In the defense of consumers, this behavior is in fact rational. A shortage increases the likelihood of a stockout in the near future, so it behooves you to buy more now when you can so you can maintain your own personal inventory and avoid the consequences of the coming stockout. This behavior is one cause of the Bullwhip Effect.