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Contingent valuation method and the changeover to the euro: an empirical application*

Pierre-Alexandre Mahieu () and Pere Riera

Revue d'économie régionale et urbaine, 2012, vol. 2010, issue 05, 987-1000

Abstract: Several countries may adopt the euro in the near future. Whether the change of currency may lead to different responses in non-market valuation surveys remains an open question. A contingent valuation application was carried out shortly after the changeover to the euro in Spain, with half of the participants being assigned a payment card in euro and the other half in pesetas. Results show that higher amounts were stated in euro than in pesetas, which is consistent with the “euro illusion” hypothesis, a phenomenon observed in experiments involving market goods, in which people have the tendency to bid higher amounts for the currency having a lower nominal value.

Date: 2012
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