‘고액권 편향’과 ‘대응반응’에 대한 비교 연구 = Comparative Study of ‘Bias for the Whole’ and ‘Matching Responses’

다국어 초록 (Multilingual Abstract)

Previous researchers have studied the role of different forms of monetary instruments (e.g., credit cards, checks, cash, and foreign currency) on consumer saving or spending behavior. Some of them have shown that the likelihood of spending is affected by whether an equivalent sum of money is represented by a single large denomination (e.g., one $20 bill) or by many smaller denominations (e.g., twenty $1 bills). They also found that a consumer’s willingness to pay is lower when he (or she) has a single large denomination than when he (or she) has many smaller denominations, and they documented this phenomenon the ‘denomination effect’ or the ‘bias for the whole’. The ‘bias for the whole’ can be explained by the Gestalt notation that states the assessment of the whole is more than (or at least different from) the assessment of the sum of its constituent parts. In contrast, Ahn et al. (2008) proposed the 'matching responses' instead of the ‘bias for the whole’, wherein people show high purchase intention as the price of a product matches the denomination of a bill. The research provided the empirical findings that support the 'matching responses’ instead of the 'bias for the whole’.
However, there is no research that tests whether the ‘matching responses’ is the appropriate framework or the 'bias for the whole’ is the appropriate one to explain the changes of consumers’ willingness to buy depending on the denominations they have. In this study, we tried to test which one is appropriate to explain the changes of consumers’ willingness to buy depending on denominations with the two empirical studies.
Subjects for the experiment study were 188 university students in Korea. They were randomly assigned to one of three conditions. The subjects who were assigned to the three groups were told that they had a 100,000 won bill (group 1) or that they had ten 10,000 won bills (group 2), or that they had hundred 1,000 won bills (group 3). Subsequently, they were asked for their willingness to buy the three products of which prices were 900 won, 9,000 won, and 90,000 won. The willingness to buy was ranked on a 7-point scale, with 1 indicating a low willingness and 7 indicating a high willingness to buy. We considered the two factors to identify which framework (‘bias for the whole’ or ‘matching responses’) is appropriate to explain consumer's likelihood of spending. The first factor was the three forms of money (100,000 won bill, 10,000 won bill, 1,000 won bill) and the second factor was the matching or the non-matching condition between the forms of money and the prices of products. When a subject has a 100,000 won bill and he (or she) evaluates the product of which price is 90,000 won, for example, the evaluation situation becomes the matching condition. When a subject has a 100,000 won bill but he (or she) evaluates the product of which price is 9,000 won or 900 won, whereas, the evaluation situation becomes the non-matching condition. If one can find that consumers’ willingness to buy a product is lower when they have a large bill than when they have many smaller bills, one can conclude that there exists the ‘bias for the whole’. If consumer’s willingness to buy a product is higher under a matching condition than under a non-matching condition, in contrast, one can conclude that there exists the ‘matching responses’. Two-way ANOVA and One-way ANOVAs were used to test the ‘bias for the whole’ and ‘matching responses’. The analysis of Two-way ANOVA and One-way ANOVAs showed that the ‘bias for the whole’ was statistically supported but the ‘matching responses’ was not supported.
Subjects for the experiment study 2 were 211 university students in Korea. They were randomly assigned to one of four conditions. The subjects who were assigned to the four groups were told that they had hundred 1,000 won bill and they asked to evaluate a watch of which price was 89,000 won (gr...

국문 초록 (Abstract)

경제규모의 확대와 물가상승 등으로 인해 고액권에 대한 잠재적 수요가 증가하면서 2009년에 5만원권이 시중에 유통된 이후 현재 그 사용량이 계속해서 증가하는 추세이다. 이에 따라 고액권의 사용이 사회적으로 미치는 영향에 대한 연구가 지속적으로 이루어지고 있다. Mishra, Mishra and Nayakankuppam(2006)은 동일한 금액의 돈을 액면가가 큰 고액권으로 가지고 있는 경우와 액면가가 작은 소액권으로 가지고 있는 경우에 제품의 구매의도에서 나타나는 소비자의 반응을 ‘고액권 편향’ 현상으로 설명하였다. 이는 제품의 가격에 상관없이 고액권을 가지고 있는 경우에 전반적으로 구매의도가 낮아지는 현상을 말한다. 반면, 안서원, 김범준, 박수애(2008)는 ‘고액권 편향’ 대신에 제품의 가격과 가지고 있는 화폐의 단위가 일치할수록 구매의도가 높아지는 ‘대응반응’ 현상을 제시하였다. 즉, 저가의 제품 구매 시에는 소액권을 가지고 있는 경우에 구매의도가 높게 나타나고, 고가의 제품 구매 시에는 고액권을 가지고 있는 경우에 구매의도가 높게 나타나는 것이다. 본 연구에서는 ‘고액권 편향’ 과 ‘대응반응’의 두 현상 중에서 어느 한 현상만 존재하는 것인지, 아니면 두 현상 모두 존재하는지 분석하고 있다. 본 연구의 분석결과, 화폐액면단위에 대한 소비자 반응에 있어서 ‘고액권 편향’ 현상과 ‘대응반응’ 현상 중 어느 현상도 지배적이지 않은 것으로 나타났다.

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