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This dissertation seeks to provide an understanding of consumer response to product scarcity. Despite the vast amount of research about whether and how product scarcity affects consumer behavior, an integrative analysis of research findings remains unexplored. To fill this void, this dissertation includes a thorough literature review about consumer response to scarcity and a detailed meta-analysis that examines the efficacy of product scarcity. The analysis consolidates to the extent that is possible the product scarcity research – published and unpublished – and addresses two questions that are central to understand the effectiveness of product scarcity: (1) How does product scarcity affect consumer behavior? and (2) Are there moderators of this effect? The meta-analytic review synthetizes 46 years (1968−2014) of empirical research for 17 outcome variables and reveals that product scarcity has a significant and positive effect on the following variables: attitude towards the deal, attitude towards the product, consumer competitive arousal, impulse buying, perceived exclusiveness, perceived popularity, perceived scarcity, purchase behavior, purchase intention, and willingness-to-pay. For simultaneously significant and heterogeneous relationships with sufficient number of effect sizes, several moderators been investigated through a series of sample size weighted analyses of variance and meta-regressions. Manipulations of scarcity generate higher perceived scarcity scores when a quantity limit instead of a time limit is used, when the scarcity appeal is communicated by salespeople, but not experimenters, when studies are conducted with samples other than North American/European samples, when scarcity is caused by excess demand compared to when it is caused by limited supply, when the scarce product is not promised to study participants, and when relative price information is present. For attitude towards the product, effect sizes of scarcity are more positive for conspicuous products subjected to supply-related scarcity, for durables compared to FMCG, and when an experimenter communicates the scarcity appeal. Scarcity`s impact on purchase intention is higher when inconspicuous products are combined with demand-related scarcity. Finally, effect sizes of scarcity on purchase behavior are more positive when possession of the scarce product is dependent on participants' response. These findings provide meaningful advancement of current knowledge for understanding the effects of product scarcity on consumer behavior.