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In economics, money illusion, or price illusion, is a cognitive bias where money is thought of in nominal, rather than real terms. In other words, the face value (nominal value) of money is mistaken for its purchasing power (real value) at a previous point in time.
Others have suggested that fractional pricing was first adopted as a control on employee theft. For cash transactions with a round price, there is a chance that a dishonest cashier will pocket the bill rather than record the sale. For cash transactions with a just-below price, the cashier must nearly always make change for the customer.
A Romanian stamp from 1947 showing a face value of 12 Lei. The face value, sometimes called nominal value, is the value of a coin, bond, stamp or paper money as printed on the coin, stamp or bill itself [1] by the issuing authority. The face value of coins, stamps, or bill is usually its legal value. However, their market value need not bear ...
This barrier between fact and value, as construed in epistemology, implies it is impossible to derive ethical claims from factual arguments, or to defend the former using the latter. [2] The fact–value distinction is closely related to, and derived from, the is–ought problem in moral philosophy, characterized by David Hume. [3]
Face validity is the extent to which a test is subjectively viewed as covering the concept it purports to measure. It refers to the transparency or relevance of a test as it appears to test participants. [1] [2] In other words, a test can be said to have face validity if it "looks like" it is going to measure what it is supposed to measure. [3]
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The expected value of the gamble in this example is .85 X $1000 + .15 X $0 = $850, which exceeds the expected value of $800 associated with the sure thing. [ 1 ] Research suggests that people do not evaluate prospects by the expected value of their monetary outcomes, but rather by the expected value of the subjective value of these outcomes ...