Schlagwort: Money illusion
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Does Money Illusion Matter?
Money illusion means that people behave differently when the same objective situation is represented in nominal or in real terms. To examine the behavioral impact of money illusion we studied the (...)
Money Illusion and Coordination Failure
Economists long considered money illusion to be largely irrelevant. Here we show, however, that money illusion has powerful effects on equilibrium selection. If we represent payoffs in nominal terms, (...)