Development of Finns’ price knowledge after the changeover to the euro |
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| Authors: | Anu Raijas Ville Aalto-Setälä |
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| Institution: | 1. Department of Civil Engineering, Tsinghua University, Beijing 100084, China;2. Department of Construction Management, Tsinghua University, Beijing 100084, China;3. College of Civil Engineering, Fuzhou University, Fuzhou, Fujian Province 350108, China;4. Institute for Infrastructure Engineering, University of Western Sydney, Penrith, NSW 2751, Australia;1. School of Civil, Environmental & Architectural Engineering, Korea University, Seoul 02841, Republic of Korea;2. Dept. of Civil Engineering, Kangwon National University, Chuncheon-si, Gangwon-do 24341, Republic of Korea;3. MIDAS IT, Seongnam-si, Gyeonggi-do 13487, Republic of Korea;1. Department of Civil Engineering, Babol Noshirvani University of Technology, Babol, Iran;2. Department of Civil Engineering, University of Mazandaran, Babolsar, Iran;3. Department of Mechanical Engineering, Babol Noshirvani University of Technology, Babol, Iran |
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| Abstract: | This longitudinal study examines the 2002 changeover to the euro in Finland in order to find out how long it takes consumers to learn grocery prices in the new currency. We are especially interested in the influence of age on the process. We used price estimate data and market price data, with six data-collection points over 5 years, the first one just before the changeover and the last one 5 years after it. As expected, consumer price knowledge was clearly weaker immediately after the changeover than during the era of national currency. However, it has not improved significantly in 5 years. The probable reasons for the decreased price knowledge are the diminution of nominal values brought by the changeover (1 euro equals approximately 6 Finnish marks) and general indifference to prices, especially low ones, brought by the increasing standard of living. |
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