Keep Your Money Close: Psychological Distance Influences the Perceived Value of Money

We find evidence for a concrete bias where increasing the psychological closeness of money increases its perceived value and purchasing power of money. Over four experiments, we show that more tangible forms of money (i.e., cash) increase perceptions of monetary value and purchasing power in comparison to card or mobile payments.



Citation:

Avni M. Shah , Samuel Maglio, and Anne Wilson (2016) ,"Keep Your Money Close: Psychological Distance Influences the Perceived Value of Money", in NA - Advances in Consumer Research Volume 44, eds. Page Moreau, Stefano Puntoni, and , Duluth, MN : Association for Consumer Research, Pages: 93-97.

Authors

Avni M. Shah , University of Toronto, Canada
Samuel Maglio, University of Toronto, Canada
Anne Wilson, Harvard Business School, USA



Volume

NA - Advances in Consumer Research Volume 44 | 2016



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