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The Euro in the common European market: A single currency increases the comparability of prices
Ist Teil von
Journal of economic psychology, 2004-10, Vol.25 (5), p.557-563
Ort / Verlag
Amsterdam: Elsevier B.V
Erscheinungsjahr
2004
Link zum Volltext
Quelle
Elsevier ScienceDirect Journals Complete
Beschreibungen/Notizen
Two studies examine the psychological consequences the introduction of the Euro has for the evaluation and estimation of product prices. Research on comparison processes suggests that a single currency increases the comparability of prices. If this is indeed the case, then a reference price from another European country should be more likely to influence evaluation and estimation of a target price, if both are given in the same currency. Results of two studies support these predictions. Participants evaluated (Study 1) or estimated (Study 2) a target price in the context of a low reference price. Target and reference price were either given in Euro as a single currency or in Euro and British Pounds as two distinct currencies. The low reference price exerted a stronger influence on evaluations and estimations of the target price if both were given in a single currency. We speculate that the increased comparability of prices that is a consequence of the introduction of the Euro may ultimately lead to lower consumer prices.