A nickel ain't worth a dime anymore: the illusion of money and the rapid encoding of its true value.

People often evaluate money based on its face value and overlook its real purchasing power, known as the money illusion. For example, the same 100 Chinese Yuan can buy many more goods in Tibet than in Beijing, but such difference in buying power is usually underestimated. Using event related potenti...

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Autores principales:	Rongjun Yu, Yi Huang
Formato:	article
Lenguaje:	EN
Publicado:	Public Library of Science (PLoS) 2013
Materias:	Medicine R Science Q
Acceso en línea:	https://doaj.org/article/0c1b3875cc774714a060b4ce0491dd66
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spelling	oai:doaj.org-article:0c1b3875cc774714a060b4ce0491dd662021-11-18T07:59:28ZA nickel ain't worth a dime anymore: the illusion of money and the rapid encoding of its true value.1932-620310.1371/journal.pone.0055025https://doaj.org/article/0c1b3875cc774714a060b4ce0491dd662013-01-01T00:00:00Zhttps://www.ncbi.nlm.nih.gov/pmc/articles/pmid/23383044/?tool=EBIhttps://doaj.org/toc/1932-6203People often evaluate money based on its face value and overlook its real purchasing power, known as the money illusion. For example, the same 100 Chinese Yuan can buy many more goods in Tibet than in Beijing, but such difference in buying power is usually underestimated. Using event related potential combined with a gambling task, we sought to investigate the encoding of both the real value and the face value of money in the human brain. We found that the self-reported pleasantness of outcomes was modulated by both values. The feedback related negativity (FRN), which peaks around 250ms after feedback and is believed to be generated in the anterior cingulate cortex (ACC), was only modulated by the true value but not the face value of money. We conclude that the real value of money is rapidly encoded in the human brain even when participants exhibit the money illusion at the behavioral level.Rongjun YuYi HuangPublic Library of Science (PLoS)articleMedicineRScienceQENPLoS ONE, Vol 8, Iss 1, p e55025 (2013)
institution	DOAJ
collection	DOAJ
language	EN
topic	Medicine R Science Q
spellingShingle	Medicine R Science Q Rongjun Yu Yi Huang A nickel ain't worth a dime anymore: the illusion of money and the rapid encoding of its true value.
description	People often evaluate money based on its face value and overlook its real purchasing power, known as the money illusion. For example, the same 100 Chinese Yuan can buy many more goods in Tibet than in Beijing, but such difference in buying power is usually underestimated. Using event related potential combined with a gambling task, we sought to investigate the encoding of both the real value and the face value of money in the human brain. We found that the self-reported pleasantness of outcomes was modulated by both values. The feedback related negativity (FRN), which peaks around 250ms after feedback and is believed to be generated in the anterior cingulate cortex (ACC), was only modulated by the true value but not the face value of money. We conclude that the real value of money is rapidly encoded in the human brain even when participants exhibit the money illusion at the behavioral level.
format	article
author	Rongjun Yu Yi Huang
author_facet	Rongjun Yu Yi Huang
author_sort	Rongjun Yu
title	A nickel ain't worth a dime anymore: the illusion of money and the rapid encoding of its true value.
title_short	A nickel ain't worth a dime anymore: the illusion of money and the rapid encoding of its true value.
title_full	A nickel ain't worth a dime anymore: the illusion of money and the rapid encoding of its true value.
title_fullStr	A nickel ain't worth a dime anymore: the illusion of money and the rapid encoding of its true value.
title_full_unstemmed	A nickel ain't worth a dime anymore: the illusion of money and the rapid encoding of its true value.
title_sort	nickel ain't worth a dime anymore: the illusion of money and the rapid encoding of its true value.
publisher	Public Library of Science (PLoS)
publishDate	2013
url	https://doaj.org/article/0c1b3875cc774714a060b4ce0491dd66
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A nickel ain't worth a dime anymore: the illusion of money and the rapid encoding of its true value.

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