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The euro cash changeover: A note on the effects of bounded rationality and rules of thumb

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  • Thomas Y. Mathä

Abstract

This note examines the rules of thumb that individuals could use when converting the new to old national prices. The findings, based on a small survey conducted at the Banque Banque centrale du Luxembourg in May 2001, suggest that systematic conversion errors may be made. These errors could have real economic real economic effects, at least in the short term.

Suggested Citation

  • Thomas Y. Mathä, 2001. "The euro cash changeover: A note on the effects of bounded rationality and rules of thumb," BCL Bulletin Analyses, Central Bank of Luxembourg, vol. 2001, pages 48-57.
    • Handle: RePEc:bcl:bclban:bclanalyse20013a1
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    File URL: https://www.bcl.lu/fr/publications/bulletins_bcl/BCLAnalyse/20013A1.pdf
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    More about this item

    Keywords

    Euro cash changeover; rules of thumb; conversion error;
    All these keywords.

    JEL classification:

    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making

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