Deceiving Our Minds: A Qualitative Exploration of the Money Illusion in Post-redenomination Ghana |
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| Authors: | Vivian Afi Abui Dzokoto Edwin Clifford Mensah Maxwell Twum-Asante Annabella Opare-Henaku |
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| Affiliation: | (1) Department of African American Studies, Virginia Commonwealth University, 1000 W. Franklin Street, Richmond, VA, USA;(2) Department of Economics, Finance, and Decision Sciences, University of North Carolina, One University Drive, Pembroke, NC, USA;(3) Department of Psychology, Fayetteville State University, 1200 Murchison Road, Fayetteville, NC, USA;(4) Department of Psychology, Virginia Commonwealth University, 806 West Franklin Street, Richmond, VA, USA |
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| Abstract: | The current study is a qualitative exploration of the presence of the money illusion in the lived experiences of Ghanaian adult consumers after a currency redenomination. The results indicated that a switch from the old currency to the new currency had implications for self-worth determination, trivialization of price increases, changes in spending behaviour, and changes in the extent of benevolence. All these changes were related to the tendency to make judgments based on the nominal value of an amount of money, rather than its real value; the judgment bias is known as the money illusion. |
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