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


  • Pierre-Alexandre Mathieu
  • Pere Riera


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.

Suggested Citation

  • Pierre-Alexandre Mathieu & Pere Riera, 2010. "Contingent valuation method and the changeover to the euro: an empirical application," Revue d'économie régionale et urbaine, Armand Colin, vol. 0(5), pages 987-1000.
  • Handle: RePEc:cai:rerarc:reru_105_0987

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