Warianty tytułu
A Perception Gap Among Consumers at the Time of Euro Adoption
Języki publikacji
Abstrakty
Artykuł składa się z dwóch części. Pierwsza przedstawia próby wyjaśnienia zagadnienia percepcji inflacji wywodzące się z rozważań na płaszczyźnie teoretycznej. Dobór stanowisk przeprowadzony został ze względu na ich przydatność w uzasadnieniu luki percepcji. Wyróżniono w ten sposób następujące koncepcje: ograniczonej racjonalności, racjonalnej pasywności, sztywności informacji i oparte na niej modele epidemiologiczne, a także ekonomię behawioralną oraz neuroekonomię. Prezentacja powyższych stanowisk ma charakter (jedynie) wprowadzający i jest punktem odniesienia dla, stanowiącego zasadniczą część artykułu, przedstawienia samych czynników. W części drugiej przedstawiono czynniki kształtujące percepcję inflacji, z uwzględnieniem ich relacji do teoretycznych rozważań poświęconych zagadnieniu percepcji, prowadzonych w ramach różnych nauk. Zaproponowany podział czynników na pięć grup ma na celu zwiększenie przejrzystości prezentacji poprzez ukazanie wspólnej dla poszczególnych punktów płaszczyzny w zakresie sposobu uzasadniania luki percepcji, jak również wykorzystanych odniesień do literatury teoretycznej. (fragment tekstu)
The paper describes a wide range of approaches to what is known as a perception gap among consumers in the European Union after most Member countries switched to the single European currency in 2002. the author focuses on issues linked with the consumer theory, analyzing why consumers are unable to properly estimate the value of inflation - in terms of its compatibility with the Harmonized Index of Consumer Prices (HICP), an inflation and price stability indicator used by the European Central Bank. The first art of the paper outlines research theories related to the perception gap. These include the theories of limited rationality and rational passivity, in addition to behavioural economics and neuroeconomics. The second part of the paper discusses factors behind the perception of inflation, taking into account theoretical discussions conducted as part of various scientific disciplines. This approach is designed to show the state of debate on the perception of inflation and stress the growing role of heterodox approaches in contemporary economics, Mucha says. (original abstract)
Twórcy
autor
- Uniwersytet Ekonomiczny w Krakowie
Bibliografia
- Akerlof G.A., Shiller R.J., [2009], Animal Spirits. How Human Psychology Drives the Economy, and Why it Matters for Global Capitalism, Princeton University Press.
- Akerlof G.A., Yellen J.L., [1985], Model of Business Cycle, With Wage and Price Inertia, "The Quarterly Journal of Economics", Supplement.
- Angeloni I., Aucremanne L., Ciccarelli M., [2006], The Euro and Prices: Did EMU Affect Price Setting and Inflationary Persistence?, Economic Policy, nr 46.
- Aucremanne L., Collin M., Stagier T., [2007], Assessing the Gap between Observed and Perceived Inflation in the Euro Area: Is the Credibility of the HICP at Stake?, National Bank of Belgium, Working Paper Research, nr 112.
- Brachinger H., [2006], Euro or "Teuro"?: The Euro-induced Perceived Inflation in Germany, University of Fribourg Department of Quantitative Economics Working Paper Series, nr 5.
- Camerer C., Loewenstein G., Prelec D., [2005], Neuroeconomics: How Neuroscience Can Inform Economics, "Journal of Economic Literature", nr 3.
- Cestari V., Del Giovane P., Rossi-Arnaud C., [2007], Memory for Prices and the Euro Cash Changeover: An Analysis for Cinema Prices in Italy, Banca d'Italia, Temi di discussione, nr 619.
- Dana J., Loewenstein G., [2003], A Psychological Perspective on the Influence of Gifts to Physicians from Industry, "Journal of the American Medical Association", nr 290.
- Del Giovane P., Sabbatini R., (red.), [2008], The Euro, Inflation and Consumers' Perceptions. Lessons from Italy, Springer.
- Del Giovane P., Sabbatini R., [2008a], Perceived and Measured Inflation After the launch of the Euro: Explaining the Gap in Italy, [w:] Del Giovane, Sabbatini (red.), 2008.
- Del Giovane P., Sabbatini R., [2008b], Impact of the Cash Changeover on prices and inflation perceptions in the euro area: a survey of the empirical evidence, [w:] Del Giovane, Sabbatini (red.), 2008.
- Del Giovane P., Fabiani S., Sabbatini R., [2008], What's Behind "Inflation Perceptions"? A Surveybased Analysis of Italian Consumers, [w:] Del Giovane, Sabbatini (red.).
- Del Missier R., Bonini N., Rabyard R., [2007], The Euro Illusion in Consumer Price Estimation: An Italia-Irish Comparison in the Third Lear of the Euro, Journal of Consumer Policy.
- Dias F., Duarte C., Rua A., [2007], Inflation (mis)perception in the Euro Area, Banco de Portugal Working Paper, nr 15.
- Döhring B., Mordonu A., [2007], What Drives Inflation Perceptions? A Dynamic Panel Data Analysis, European Economy Economic Papers, nr 284.
- Döpke J., Dovern J., Fritsche U., Slacalek J., [2005], European Inflation Expectations Dynamics, Deutsche Bundesbank Discussion Paper, nr 27.
- Dziuda W., Mastrobuoni G., [2005], The Euro Changeover and Its Effects on Price Transparency, and Inflation. Mission Euro, Mission Accomplished!, Princeton University.
- ECB, [2003], Recent Developments in the Euro Area Inflation Perceptions, Monthly Bulletin, nr 5.
- Ehrmann M., [2006], Rational Inattention, Inflation Developments and Perceptions after the Euro Cash Changeover, ECB Working Paper Series, nr 588.
- Eife T.A., [2006], Price Setting Behaviour and Price Setting Regulations at the Euro Changeover, Bank of Estonia Working Paper Series, nr 6.
- Eife T.A., Coombs W.T., [2006], Coping with People's Inflation Perceptions During a Currency Changeover, University of Heidelberg Working Paper Series, nr 435.
- Fluch M., Stix H., [2005], Perceived Inflation in Austria - Extent, Explanations, Effects, OeNB, Monetary Policy & the Economy, nr 3.
- Gamble A., [2005], Perception of Value of Money in Unfamiliar Currencies, Göteborg University.
- Kahneman D., Tversky A., [1979], Prospect Theory: An Analysis of Decision under Risk, "Econometrica", nr 2.
- Konopczak K., [2008], Przegląd literatury w zakresie efektów cenowych wprowadzenia wspólnej waluty do obiegu gotówkowego w krajach strefy euro, NBP, Discussion Paper nr 2.
- Kooreman P., Faber R., Hofmans H., [2004], Charity Donations and the Euro Introduction: Some Quasi-experimental Evidence on Money Illusion, IZA Discussion Paper nr 1318.
- Koskimäki T., [2005], How the Finnish Consumer Price Index Survived the Euro Change-over, OECD, Seminar on Inflation Measures, nr 15.
- Kuri S., [2006], Why Does Consumers' Perceived Inflation Differ so Much from Actual Inflation?, Bank of Finland Bulletin, nr 3.
- Lamla M., Rupprecht S.M., [2006], The Impact of EBC Communication on Financial Market Expectations, FOF Working papers 06-135, KOF Swiss Economic Institute, ETH Zurich.
- Lindén S., [2005], Quantified Perceived and Expected Inflation in the Euro Area - How Incentives Improve Consumers Inflation Forecasts, European Commission - OECD Workshop on International Development of Business and Consumer Tendency Surveys, Brussels.
- Loewenstein G., Weber E.U., Hsee C., Welch N., [2001], Risk as Feelings, Psychological Bulletin, nr 127.
- Łyziak T., [2004], Probabilistyczne metody pomiaru oczekiwań inflacyjnych osób prywatnych na podstawie danych ankietowych, Bank i Kredyt, nr 8.
- Malgarini M., [2008], Quantitative Inflation Perceptions and Expectations of Italian Consumers, ISAE, Working Paper nr 90.
- Mankiw N.G., Reis R., [2002], Sticky Information Versus Sticky Prices: A Proposal to Replace the New Keynesian Phillips Curve, "Quarterly Journal of Economics", nr 117.
- Marini G., Piergallini A., Scamozzino P., [2004], Inflation Bias after the Euro: Evidence from the UK and Italy, University of London Centre for Financial and Management Studies Discussion Paper Series.
- Marques J.F., Dehaene S., [2004], Developing Intuition for Prices in Euros: Rescaling or Relearning Prices?, Journal of Experimental Psychology: Applied, nr 3.
- Mastrobuoni G., [2004], The Effects of the Euro-Conversion on Prices and Price Perceptions, CEPS Working Paper Series, nr 101.
- Pollan W., [2002], Price Developments Upon Introduction of Euro Banknotes and Coins, Austrian Economica Quarterly, nr 4.
- Reis R., [2006], Inattentive Producers, "Review of Economic Studies", nr 73.
- Shwartz H., [2007], A Introduction to Behavioral Economics: The Complicating but Sometimes Critical Considerations, The University of Republic, Montevideo, Uruguay.
- Simon H.A., [1978], On How to Decide What to Do, The Bell Journal of Economics, nr 2.
- Simon H.A., [1957], Rational Choice and the Structure of the Environment, [w:] H.A. Simon, Model of Man: Social and Rational, NY Wiley.
- Traut-Mattausch E., Schulz-Hardt S., Greitemayer T., Frey D., [2004], Expectancy Confirmation in Spite of Disconfirming Evidence: The Case of Price Increases Due to the Introduction of the Euro, "European Journal of Social Psychology", nr 34.
- Tversky A., Kahneman D., [1991], Loss Aversion in Riskless Choice: A Reference-Dependent Model, "The Quarterly Journal of Economics", nr 4.
- Tversky A., Kahneman D., [1974], Judgment under Uncertainty: Heuristics and Biases, Science, New Series, nr 4157.
Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
bwmeta1.element.ekon-element-000171265225