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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.
There was a very clearly demonstrated inverse relationship between the price of cigarettes and individual's motivation to smoke. Researchers found that price hikes that impacted the leftmost digit in the price (i.e. $4.99 vs. $5.00) were particularly effective in causing change among adult smokers.
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 ...
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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 ...
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]
Continue reading ->The post What Is the Face Value of a Bond? appeared first on SmartAsset Blog. Bonds are a type of debt security used by government entities and corporations to raise money ...
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