Side Biases in Euro Banknotes Recognition: The Horizontal Mapping of Monetary Value

Space-valence mapping of social concepts: Do we arrange negative and positive ethnic stereotypes from left to right?

Introduction

The body-specificity hypothesis states that in right-handers, positive concepts should be associated with the right side and negative concepts with the left side of the body. Following this hypothesis, our study postulated that negative out-group ethnic stereotypes would be associated with the left side, and positive in-group stereotypes would be associated with the right side.

Methods

The experiment consisted of two parts. First, we measured the spatial mapping of ethnic stereotypes by using a sensibility judgment task, in which participants had to decide whether a sentence was sensible or not by pressing either a left or a right key. The sentences included German vs. Arabic proper names. Second, we measured implicit ethnic stereotypes in the same participants using the Go/No-go Association Task (GNAT), in which Arabic vs. German proper names were presented in combination with positive vs. negative adjectives. Right-handed German native speakers (N = 92) participated in an online study.

Results

As predicted, in the GNAT, participants reacted faster to German names combined with positive adjectives and to Arabic names combined with negative adjectives, which is diagnostic of existing valenced in-and outgroup ethnic stereotypes. However, we failed to find any reliable effects in the sensibility judgment task, i.e., there was no evidence of spatial mapping of positive and negative ethnic stereotypes. There was no correlation between the results of the two tasks at the individual level. Further Bayesian analysis and exploratory analysis in the left-handed subsample (N = 9) corroborated the evidence in favor of null results.

Discussion

Our study suggests that ethnic stereotypes are not automatically mapped in a body-specific manner.

The value of banknotes: relevance of size, colour and design

In the current study, we evaluate the relevance of three physical features when people retrieve the monetary value of banknotes. To this end, three monetary comparison tasks were designed in which in each trial a pair of banknotes were presented and participants selected the one with higher monetary value. In each task, a different banknote feature (size, colour and design) was examined and a congruent and an incongruent condition (the value of the physical feature corresponded or not to its actual value, respectively) were compared to a neutral condition (no information about the physical feature was provided). We found a pattern of facilitation and interference effects which suggests that size is the most relevant physical feature for accessing the monetary value of banknotes followed by colour. However, the availability of a variety of designs across banknotes seemed not to facilitate the performance of the task, but rather the opposite, hindering the monetary comparison task.

How emotional is a banknote? The affective basis of money perception

Previous studies have shown that money possesses affective properties even when it is not at stake within a given task. Smaller economic values are generally perceived as less arousing and neutral in valence, whereas larger ones are perceived as more arousing and positive in valence. Moreover, numerical cognitive processes seem to be less prominent than affective ones in the way we perceive economic values. To shed light on the basic affective components of monetary values, we ran three experiments on the perception of banknotes to test (i) whether banknotes with different values (5€ and 100€) trigger different emotional states, (ii) if values are horizontally mapped based on their valence, rather than on their numerical magnitude, and (iii) whether the lateralized sight (in the left or right visual field) of a positive (higher) monetary value interferes with the classification of a negative stimulus. Results showed a coherent pattern that corroborates the idea that money is indeed an affective stimulus, even when it is not at stake within the task. A higher monetary value was shown (i) to have intrinsic rewarding properties that influence the evaluation of a subsequent target, (ii) to be mentally mapped on the right side, which is related to positive approaching of affective stimuli in right-handers, and (iii) to be in conflict with negative-withdrawing targets, but only when the values were presented on the right-positive side of respondents. Results are discussed considering existing theories of the psychological value of money, highlighting the hedonic characteristics of this special affective stimulus.

Price-Denomination Effect: Choosing to Pay With Denominations That Are the Same as the Product Prices

Building on past research on judgment anchoring, we investigate the effect of price information on consumers’ choice of denomination when making a purchase. Across seven experiments, including two in the field (N = 4,020), we find that people tend to purchase with denominations that are the same as the product prices. They use larger denominations for higher priced products that are priced at the value of the denomination held, and smaller denominations for lower priced products that are priced at the value of the smaller denomination held. The effect is not explained by storage or purchase convenience. We propose the “price-denomination effect” is driven by consumers anchoring on product price and then choosing the denomination that matches the anchor. The effect replicates across participants from different continents (United States, Europe, and Africa) and samples (online panelists, and actual consumers), as well as prices in different currencies (United States $, €, and Nigerian Naira). We further demonstrate that people’s preference for denominations also affects the choice of the form of payment used: cash versus card. Consumers are more likely to use cash (vs. card) when product price is exactly the same as a denomination held. We conclude with a discussion of theoretical and practical implications.

Affective perception of Euro banknotes: cognitive factors and interindividual differences

Money can be a tool to achieve a wide range of goals in everyday life. Different studies have reported that both the mere exposure to money and its use as a reward can determine cognitive and social effects. Nevertheless, little is known about the basic affective perception of Euro banknotes. Thus, in the present study we aim to assess differences in valence, arousal and familiarity evaluations of banknote pictures (from 5 to 500€) by taking into account gender, socioeconomic status and Love of Money (LoM) score, which measures the subjective attitude toward money, in a sample of participants. We found that valence and arousal increase with the nominal value of the banknotes, and that the relationship between these affective scores and the nominal value appears to be logarithmic (Weber's law) rather than linear. High value banknotes were evaluated as pleasant, highly arousing, and less familiar. Low value banknotes instead were evaluated as more familiar, less arousing and neutrally valenced. Finally, we found that valence and arousal evaluations are mainly influenced by the LoM score of our participants. Instead, gender and economic condition influenced only arousal scores. These findings suggest the importance of deepening the study of these variables to shed light on money-related biases and abnormal economic behaviors.