Prof. Priya Raghubir's research on the denomination effect was featured
— June 1, 2013
Excerpt from Real Simple -- “'We gave people the same amount of money in either high or low denominations, then told them they could keep the money or spend it,' says Raghubir, a professor of marketing at New York University’s Stern School of Business, in New York City. Each time they ran the experiment, the results were the same: When given a large bill, consumers held on to it. When they got a small amount in small bills, they spent it—often on impulse items, like candy."