2009-02-15, English, Article, Journal or magazine article edition: The effect of rounding on payment efficiency. Bijwaard, Govert E.; Franses, Philip Hans

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Physical Description
  • Magazine/​Journal article
Published
  • Elsevier B.V., 2009 Feb 15
Language
  • English

Edition details

Title
  • The effect of rounding on payment efficiency.
Appears In
  • Computational Statistics and Data Analysis, v.53, no.4, 2009 Feb 15, p.1449(13) (ISSN: 0167-9473)
Author
  • Bijwaard, Govert E.
  • Franses, Philip Hans
Published
  • Elsevier B.V., 2009 Feb 15
Physical Description
  • Magazine/​Journal article
Subjects
Target Audience
  • Academic
Summary
  • To link to full-text access for this article, visit this link: http:/​/​dx.doi.org/​10.1016/​j.csda.2008.09.034 Byline: Govert E. Bijwaard, Philip Hans Franses Abstract: Theory predicts that dismissing the 1 and 2 euro cent coins from the denominational range of the euro facilitates payment efficiency. To examine whether this theory holds true in practice, data were collected for the Netherlands before and after September 2004, which marks the day that retail stores were allowed to round all amounts at 5 euro cents. The data consist of wallet contents for three cross sections of individuals. As the amounts of various coins in wallets are correlated, a multivariate Poisson-log Normal model is proposed to analyze these data. It is found that rounding leads to less 1 and 2 cent coins in wallets, but that still other coins are over or underrepresented, thereby suggesting that the euro range does not yet lead to fully efficient payment behavior. Author Affiliation: Erasmus University Rotterdam, Econometric Institute, PO Box 1738, NL-3000 DR Rotterdam, The Netherlands Article History: Received 22 January 2008; Revised 12 September 2008; Accepted 29 September 2008
Terms of Use
  • COPYRIGHT 2009 Elsevier B.V.
Language
  • English
Database
  • Gale Academic OneFile
Identifier
  • 192857620

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