Klaus Wertenbroch
Klaus Wertenbroch is a researcher and first author of the 2007 Journal of Consumer Research paper on the perceived value of money and currency numerosity effects.
Who they are
The work of Klaus Wertenbroch reaches this site through the paper listed below. The name is tied to Face Value Effect, Anchoring.
Key papers
Wertenbroch, K., Soman, D., & Chattopadhyay, A. (2007). On the perceived value of money: The reference dependence of currency numerosity effects. Journal of Consumer Research, 34(1), 1-10. What it reports: Framework for boundary conditions on the direction of anchoring in different currencies: consumers anchor on the numerosity of the nominal difference between prices and salient referents such as budgets; supported by experiments evoking different reference standards.
Key ideas
Face Value Effect: The finding that people judge prices in an unfamiliar currency by the nominal number on the tag and adjust too little for the exchange rate.
Sources
- Wertenbroch, K., Soman, D., & Chattopadhyay, A. (2007). On the perceived value of money: The reference dependence of currency numerosity effects. Journal of Consumer Research, 34(1), 1-10.