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Memory for prices and the euro cash changeover: An analysis for cinema prices in Italy

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Author Info

  • Vincenzo Cestari

    ()
    (Università Lumsa and CNR)

  • Paolo Del Giovane

    ()
    (Bank of Italy)

  • Clelia Rossi-Arnaud

    ()
    (Università di Roma - La Sapienza)

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    Abstract

    The question addressed by this study is whether consumers remember past prices correctly. We test Italian citizensÂ’ memory for cinema prices with questionnaires distributed to moviegoers. The analysis concentrates on the memory of pre-euro prices, but the recall for a more recent period is also investigated. The results show that only a small percentage of respondents recalled the correct price, and that the average prices recalled were much lower than the actual pre-euro prices and dated back to years before the changeover. Price recall is less accurate for the respondents who perceive higher and more persistent inflation; it is also worse for the older respondents and for the less frequent movie-goers.

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    Bibliographic Info

    Paper provided by Bank of Italy, Economic Research and International Relations Area in its series Temi di discussione (Economic working papers) with number 619.

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    Date of creation: Feb 2007
    Date of revision:
    Handle: RePEc:bdi:wptemi:td_619_07

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    Web page: http://www.bancaditalia.it
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    Related research

    Keywords: prices; memory; perceptions; euro;

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    Cited by:
    1. Thomas A. Eife & Stephan Meier, 2007. "Costly Inflation Misperceptions," Working Papers 0455, University of Heidelberg, Department of Economics, revised Oct 2007.
    2. Lunn, Pete & Duffy, David, 2010. "The Euro Through the Looking-Glass: Perceived Inflation Following the 2002 Currency Changeover," Papers WP338, Economic and Social Research Institute (ESRI).
    3. Ranyard, Rob & Missier, Fabio Del & Bonini, Nicolao & Duxbury, Darren & Summers, Barbara, 2008. "Perceptions and expectations of price changes and inflation: A review and conceptual framework," Journal of Economic Psychology, Elsevier, vol. 29(4), pages 378-400, August.
    4. Lena Vogel & Jan-Oliver Menz & Ulrich Fritsche, 2009. "Prospect Theory and Inflation Perceptions - An Empirical Assessment," Macroeconomics and Finance Series 200903, Hamburg University, Department Wirtschaft und Politik.

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