IDEAS home Printed from
   My bibliography  Save this article

How do we pay with euro notes when some notes are missing? Empirical evidence from Monopoly® experiments


  • Philip Hans Franses
  • Jeanine Kippers


There are no empirical studies on how individuals actually pay with cash in case some notes or coins are missing. This lack of research is most likely due to the difficulties in collecting actual data. In this article, we therefore analyse euro transactions collected in an experimental setting, made during various games of Monopoly® (European edition), where in some games we leave out one of the notes each time. We find that not having access to 100-euro or 10-euro notes is not problematic for payment behaviour. However, not having 200-euro and 20-euro notes is troublesome. Moreover, we find that the 50-euro note is crucial for payments.

Suggested Citation

  • Philip Hans Franses & Jeanine Kippers, 2010. "How do we pay with euro notes when some notes are missing? Empirical evidence from Monopoly® experiments," Applied Financial Economics, Taylor & Francis Journals, vol. 20(6), pages 459-464.
  • Handle: RePEc:taf:apfiec:v:20:y:2010:i:6:p:459-464
    DOI: 10.1080/09603100903459808

    Download full text from publisher

    File URL:
    Download Restriction: Access to full text is restricted to subscribers.

    As the access to this document is restricted, you may want to search for a different version of it.


    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.

    Cited by:

    1. repec:gam:jjrfmx:v:12:y:2019:i:1:p:13-:d:197684 is not listed on IDEAS

    More about this item


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:taf:apfiec:v:20:y:2010:i:6:p:459-464. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Chris Longhurst). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.