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Contingent valuation method and the changeover to the euro: an empirical application

  • Pierre-Alexandre Mathieu
  • Pere Riera
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    Several countries may adopt the euro in the near future. Whether the change of currency may lead to different responses in non-market valuation surveys remains an open question. A contingent valuation application was carried out shortly after the changeover to the euro in Spain, with half of the participants being assigned a payment card in euro and the other half in pesetas. Results show that higher amounts were stated in euro than in pesetas, which is consistent with the “euro illusion” hypothesis, a phenomenon observed in experiments involving market goods, in which people have the tendency to bid higher amounts for the currency having a lower nominal value.

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    Article provided by Armand Colin in its journal Revue d’Économie Régionale & Urbaine.

    Volume (Year): décembre (2010)
    Issue (Month): 5 ()
    Pages: 987-1000

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    Handle: RePEc:cai:rerarc:reru_105_0987
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