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| Author: | Gamble, A. |
| Title: | The "euro illusion": illusion or fact? |
| Journal: | Journal of Consumer Policy
2007 : DEC, VOL. 30:4, p. 323-336 |
| Index terms: | consumer choice euro European Monetary System money prices |
| Language: | eng |
| Abstract: | This paper starts by giving an overview of the vast research made after the changeover to the euro on the effects of the new currency on consumers' conversion strategies, price estimates, price evaluations, choises, and purchases. The specific focus of this study is the research showing an influence of the nominal value, as expressed in different currencies, on price evaluations and consumer choice. A lower nominal value currency was the consequence of euro for majority of countries, and a bias known as the "euro illusion" has been shown such that the subjetive value is influenced in the direction of the nominal value. The numerosity heuristic and the anchoring-and-adjustment heuristic in conjuction with biased conversion strategies have been proposed as the mechanisms to account for the euro illusion. |
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