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Money Illusion: Are Economists Different?

Author

Listed:
  • Giam Pietro Cipriani

    () (University of Verona)

  • Angelo Zago

    () (University of Verona)

  • Diego Lubian

    () (University of Verona)

Abstract

We carried out a survey among a large group of undergraduate students of different disciplines and different years to test whether the study of economics or scientific majors influences the degree by which people are affected by money illusion. We find significant differences between first-year students, suggesting the presence of a selection bias towards money illusion in humanities students and away from it in economics and science students. In addiction, comparing economics students of different years, we do not find evidence of a learning effect.

Suggested Citation

  • Giam Pietro Cipriani & Angelo Zago & Diego Lubian, 2008. "Money Illusion: Are Economists Different?," Economics Bulletin, AccessEcon, vol. 1(3), pages 1-9.
  • Handle: RePEc:ebl:ecbull:eb-08a20001
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    References listed on IDEAS

    as
    1. Cannon, Edmund & Cipriani, Giam Pietro, 2006. "Euro-Illusion: A Natural Experiment," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 38(5), pages 1391-1403, August.
    2. Kooreman, Peter & Faber, Riemer P & Hofmans, Heleen M J, 2004. "Charity Donations and the Euro Introduction: Some Quasi-Experimental Evidence on Money Illusion," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 36(6), pages 1121-1124, December.
    3. Giancarlo Marini & Alessandro Piergallini & Pasquale Scaramozzino, 2007. "Inflation bias after the Euro: evidence from the UK and Italy," Applied Economics, Taylor & Francis Journals, vol. 39(4), pages 461-470.
    4. Eldar Shafir & Peter Diamond & Amos Tversky, 1997. "Money Illusion," The Quarterly Journal of Economics, Oxford University Press, vol. 112(2), pages 341-374.
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    More about this item

    Keywords

    Money illusion;

    JEL classification:

    • A2 - General Economics and Teaching - - Economic Education and Teaching of Economics
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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