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Money Illusion
Abstract
The term “money illusion” refers to a tendency to think in terms of nominal rather than real monetary values. Money illusion has significant implications for economic theory, yet it implies a lack of rationality that is alien to economists. This paper reviews survey questions regarding people's reactions to variations in inflation and prices, designed to shed light on the psychology that underlies money illusion. We propose that people often think about economic transactions in both nominal and real terms, and that money illusion arises from an interaction between these representations, which results in a bias toward a nominal evaluation.
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Citations
Cites
Prospect Theory: An Analysis of Decision under Risk
Kahneman, D., & Tversky, A. (1979) · Econometrica · doi:10.2307/1914185 · Cited by 48,524
Self-citation
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Loss Aversion and Seller Behavior: Evidence from the Housing Market
Genesove, D., & Mayer, C. (2001) · The Quarterly Journal of Economics · doi:10.1162/003355301753265561 · Cited by 1,628
Opportunity Cost Consideration
Spiller, S. A. (2011) · Journal of Consumer Research · doi:10.1086/660045 · Cited by 236
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Davidai, S., & Gilovich, T. (2015) · Perspectives on Psychological Science · doi:10.1177/1745691614562005 · Cited by 220
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Metadata
- Authors
- Shafir, E., Diamond, P., & Tversky, A.
- Venue
- The Quarterly Journal of Economics
- Publisher
- Oxford University Press (OUP)
- Published
- 1997-05-01
- Volume
- 112
- Issue
- 2
- Pages
- 341-374
- ISSN
- 0033-5533 (ISSN-L)
- 1531-4650
- OpenAlex
- W4233461763
- Cited by
- 616
- References
- 1
- FWCI
- 4.77
- Type
- journal article
- Language
- en
- Open access
- closed
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
