Deceiving Our Minds: A Qualitative Exploration of the Money Illusion in Post-redenomination Ghana

Dzokoto, Vivian; Mensah, Edwin Clifford; Twum-Asante, Maxwell; Opare-Henaku, Annabella

doi:10.1007/s10603-010-9144-3

Cited by 12 publications

(6 citation statements)

References 32 publications

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“…In addition, the psychological effects (perceptions) of society on this policy tend to be good. Then, previous research was done by Dzokoto et al (2010). This study analyzes the existence of money illusion that occurred in Ghana after the redenomination policy.…”

Section: Resultsmentioning

confidence: 99%

Redenomination Policy and Economic Performance: Experimental and Historical Approach

2018

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The discourse of redenomination policy has existed since 2010. This research analyzes impact of economic growth, type of goods, transitions period and redenomination stages towards economic performance which measured from the change in the price of transactions and the number of transactions. This research used primary data and secondary data; the primary data was collected through experimental economy. The percentage of the change in price of transactions after redenomination in low economic growth condition showed an increase, while in high economic growth condition showed a decrease. Secondary data was gathered to analyze the deciding factor in the success of redenomination through logistic analysis method. The result showed that the variable of economic growth, unemployment rate and the level of democratization in a country affect the success of the implementation of redenominationDOI:10.15408/sjie.v7i2.6568

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Section: Resultsmentioning

confidence: 99%

Redenomination Policy and Economic Performance: Experimental and Historical Approach

2018

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“…Kecenderungan ini dapat membuat perubahan persepsi dan tingkah laku pada masyarakat ketika kebijakan redenominasi dilakukan. Contohnya adalah terjadinya perubahan daya beli konsumen di Irlandia dan Ghana (Ranyard, Burgyone, Saldanha & Routh, 2005) dan kesalahan mempersepsikan harga suatu barang yang membuat terjadinya perubahan pola perilaku pembelian barang (Dzokoto, Mensah, Twum-Asante, Opare-Henaku, 2010).…”

Section: Pendahuluanunclassified

Ilusi uang: pengaruh sikap, norma subjektif, perceived behavioral control dan batasan anggaran terhadap willingness to pay

Tawaqal

2019

Tazkiya

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Ketika individu hanya melihat uang dari sisi nominal saja tanpa melihat dari sisi nilai yang sebenarnya (real value) maka ia mengalami ilusi uang. Penelitian ini bertujuan untuk mengetahui pengaruh sikap, norma subjektif, dan perceived behavioral control, batasan anggaran dan pengurangan nol pada nilai nominal terhadap willingness to pay dalam setting ilusi uang. Penelitian ini menggunakan desain eksperimental randomized 2x2 between-subject factorial design dimana sampel dibagi menjadi empat kelompok penelitian dengan sampel sebanyak 115 mahasiswa. Hasil penelitian menunjukkan R square sebesar 0,233. Hasil penelitian ini juga menunjukkan bahwa sampel tidak mengalami ilusi uang karena tidak adanya perbedaan willingness to pay yang signifikan di setiap kelompok penelitian

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“…It was found that currency with lower nominal value makes prices appear smaller than prices expressed in currency with higher nominal value (Raghubir, Srivastava, 2002;van Raaij, van Rijen, 2003;Dzokoto et al, 2010). It means that individuals spend their budgets more easily while using currency with lower nominal value.…”

Section: The Impact Of Money Illusion On Individuals' Economic Behaviourmentioning

confidence: 99%

Assessment Of Money Illusion Impact On Individuals’ Economic Behaviour In Lithuania

Jurevičienė

Markelova

2016

ESJ

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Behavioural economics was in a process of rapid development in the last century. One of behavioural phenomenon discovered by economists is money illusion -an inclination to make biased decisions based on nominal rather than real monetary values. This illusion influences individuals' perception of money-related processes and, hence, their economic behaviour. Euro illusion concept, which represents money illusion in countries that adopted the euro, became commonly used after money illusion has been identified and studied in a number of Euro zone countries. Money illusion has not been deeply discussed in Lithuania. The euro introduction in 2015 provides an additional reason to study its impact on Lithuanian citizens. The purpose of the paper is to evaluate money illusion impact on individuals' economic behaviour in Lithuania after assessment whether Lithuanians experience it. Analysis of scientific literature, experimental study and statistical methods were applied. It was found that citizens are prone to money illusion, which causes irrational economic behaviour. Despite difficult adaptation to the euro, Lithuanians do not experience euro illusion. Newly collected data on money illusion in Lithuania suggests critical evaluation of individuals' economic behaviour. Performance of such experiment has some limitations as problems presented in a survey are hypothetical and decisions made by participant may not extend to real world. In addition participants may bear in mind their own assumptions like personal experience (e.g. income, savings, debts etc.) which could affect their decisions.

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Deceiving Our Minds: A Qualitative Exploration of the Money Illusion in Post-redenomination Ghana

Abstract: Money illusion, Redenomination, Ghana, Currency,

Cited by 12 publications

References 32 publications

Redenomination Policy and Economic Performance: Experimental and Historical Approach

Redenomination Policy and Economic Performance: Experimental and Historical Approach

Ilusi uang: pengaruh sikap, norma subjektif, perceived behavioral control dan batasan anggaran terhadap willingness to pay

Assessment Of Money Illusion Impact On Individuals’ Economic Behaviour In Lithuania

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