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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.
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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 fact–value distinction is a fundamental epistemological distinction described between: [1] Statements of fact (positive or descriptive statements), which are based upon reason and observation , and examined via the empirical method .
According to social psychologist Milton Rokeach, human values are defined as “core conceptions of the desirable within every individual and society. They serve as standards or criteria to guide not only action but also judgment, choice, attitude, evaluation, argument, exhortation, rationalization, and…attribution of causality.” [6] In his 1973 publication, Rokeach also stated that the ...