Emotional Factors in Currency Perception

Abstract

Accentuation, Currency attachment, Money attitudes, Money illusion, Prices,

Effects of the Euro Changeover on Consumer Behaviour: Introduction to the Special Issue

“…A positive attachment to the currency as well as the categorization of a currency as expensive may also in itself have the effect of making prices in the currency appear more expensive. This is shown by Przybyszewski and Tyszka (2007) in two empirical studies reported in the fourth paper in the section. They note that the effects they observe are distinct from the euro illusion, and they offer a totally different account based on Tajfel's accentuation theory (Tajfel and Wilkes 1963).…”

The Euro Illusion in Consumers’ Price Estimation: An Italian–Irish Comparison in the Third Year of the Euro

“…This positive attitude could have led participants to provide higher prices in the euro condition. Previous research has found that attitudes, expectations, and mood may affect the euro illusion in this way (e.g., Gamble 2007;Gamble et al 2002;Przybyszewski and Tyszka 2007). If an attitude-based explanation holds, one should find that participants in the Italian sample had positive attitudes towards the euro or the EU.…”

“…From a methodological viewpoint, it would therefore appear particularly worthwhile to collect also attitude-related data in studies on price perception and currency cognition (cf. Gamble et al 2002;Przybyszewski and Tyszka 2007). From a theoretical viewpoint, it would be wise to set the goal of developing and testing integrated models in which the complex inter-relations between attitudes and "cold" cognitive process is made explicit.…”

Keynes's animal spirits vindicated: an analysis of recent empirical and neural data on money illusion

“…11 In a less systematic fashion, economic psychology studies tend more toward highlighting a variety of factors that can influence a phenomenon such as money illusion, rather than revealing a few basic and shared ingredients of our mental representation of money. For instance, using the experimental protocol proposed by Shafir et al (1997), a study by Przybyszewski and Tyszka (2007) shows that money illusion is affected by an individual's emotional attachment to a given currency. Prices expressed in a currency that triggers a stronger positive affective reaction are perceived as higher than equivalent prices expressed in a different currency with a more negative emotional connotation.…”