If you had these in your wallet, which one are you more inclined to spend? A study in the Journal of Consumer Research says the worn bill will be spent when we are in private, and the crisp when we are under the watch of others.
Money is the object of many idioms. Sometimes it is the center of all evil, other times it funds happiness. What we can all agree on, though, is that money is fungible – a fancy word for saying that we would freely exchange our 20 dollar bill in return for a different 20 dollar bill. However, a recent study in the Journal of Consumer Research has shown that bills of the same value can be “treated differently” by the average consumer, depending on whether the bills look new or dirty.
The Psych Apprentice
Have you ever had a thought pop into your mind and wonder "how would psychology explain that?" The Psych Apprentice blog is dedicated to answering those random thoughts, and to explaining phenomena through psychological research.
About the Author
Eureka Foong has a bachelor's degree in psychology from Linfield College, Oregon. She is a surfer of the digital kind and is curious about the way we view others, learn languages, and are affected by the media.