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The 'Euro Illusion': Illusion or Fact?

机译:“欧洲错觉”:错觉还是事实?

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The changeover to the euro elicited an upsurge of research on the effects of the new currency on consumers' conversion strategies, price estimates, price evaluations, choices, and purchases. This research includes longitudinal surveys, interviews, and controlled experiments, both natural and in the laboratory. The present article starts with an overview of this research after which it more specifically focuses on research showing an influence of the nominal value, as expressed in different currencies, on price evaluations and consumer choice. For most countries, the transition to the euro led to a lower nominal value currency. A bias known as the "euro illusion" has been documented such that the subjective value of money is influenced in the direction of the nominal value (i.e., in most countries prices and salaries seem smaller when expressed in euros than in the old domestic currency). Although the term was coined in connection with the euro changeover, the nominal representation of a currency has been shown to influence the subjective value of money in unfamiliar currencies other than the euro. Thus, tourists travelling abroad may frequently be subject to such an illusion. Different mechanisms have been proposed to account for the euro illusion. One is the numerosity heuristic and another the anchoring-and-adjustment heuristic in conjunction with biased conversion strategies. The size of the euro illusion is influenced by trade-offs between accuracy and effort. Consistent with this hypothesis, task importance, time constraints, familiarity with the conversion strategy, complexity of the conversion strategy, mood, and attitude towards the country or the currency all influence the size of the euro illusion.
机译:欧元的转换引发了对新货币对消费者转换策略,价格估计,价格评估,选择和购买的影响的研究热潮。这项研究包括纵向调查,访谈和自然和实验室内的对照实验。本文从本研究的概述开始,在此之后,它更具体地侧重于研究显示以不同货币表示的名义价值对价格评估和消费者选择的影响。对于大多数国家来说,向欧元的过渡导致较低的名义价值货币。已经证明有一种称为“欧元错觉”的偏向,以致货币的主观价值朝着名义价值的方向受到影响(即,在大多数国家中,以欧元表示的价格和薪金似乎比以旧本国货币小) 。尽管该术语是与欧元转换有关的,但一种货币的名义表示已显示会影响除欧元以外的其他陌生货币的主观价值。因此,出国旅游的游客可能经常遭受这种幻想。已经提出了不同的机制来解释欧元错觉。一种是数字启发法,另一种是结合有偏见的转换策略的锚定和调整启发法。欧元错觉的规模受准确性和努力之间的取舍影响。与此假设相一致,任务的重要性,时间限制,对转换策略的熟悉程度,转换策略的复杂性,情绪以及对国家或货币的态度都会影响欧元幻觉的规模。

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