The Euro Changeover and Numerical Intuition for Prices in the Old and New Currencies |
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Authors: | J Frederico Marques |
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Institution: | (1) Faculty of Psychology and Education, University of Lisbon, Alameda da Universidade, 1649-013 Lisbon, Portugal |
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Abstract: | This study examines how numerical intuition for prices in euros and in the Portuguese currency escudos developed in Portugal
after the euro changeover. Estimates of prices of 40 different products were collected in the two currencies and at four different
times from November 2001 to April 2004. The results regarding price estimates in euros were more in accordance with a relearning
hypothesis considering that price estimates become progressively more accurate by a process that is related to purchase frequency.
It was also suggested that this is a very slow process and that prices in the former currency are not simply forgotten. On
the contrary, the escudos remained a general benchmark for an extended period. The results regarding estimated price intuition
and use of intuition in estimating prices are also consistent with a slow adaptation process. Implications for future euro
changeovers are discussed. |
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Keywords: | Euro changeover Price estimation Price intuition Relearning prices Purchase frequency Longitudinal study |
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