# Professor Priya Raghubir's joint research on spending and currency is featured

1 Faculty News October 4, 2017 ![Mint Press News logo 192 x 144](/sites/default/files/styles/246w/public/assets/images/mintpressnews192x144.jpg?itok=BCjMsJFU)>

Excerpt from [Mint Press News](http://www.mintpressnews.com/grexit-how-greek-exit-from-eu-would-work/232725/) -- "\[[Raghubir](http://www.stern.nyu.edu/faculty/bio/priya-raghubir) and coauthor Joydeep Srivastava's\] 2009 paper titled 'Denomination Effect' found that people are less likely to spend larger units of currency than their equivalent amount in smaller units; while their 2002 paper titled 'Effect of Face Value on Product Valuation in Foreign Currencies' found that tourists underspent when the face value of foreign currency was a multiple of the equivalent amount in their home currency, and vice versa. This rule, of course, is applicable not just to tourists: psychologically, one is less likely to spend, say, 1000 drachmas than the equivalent amount of less than 3 euros."

[Read more](http://www.mintpressnews.com/grexit-how-greek-exit-from-eu-would-work/232725/)