UI Couple Identified 'Bias for the Whole'
Himanshu and Arul Mishra, a husband-wife team seeking their doctorates in marketing at The University of Iowa, identified what they call a "bias for the whole." Their research several years ago found students less likely to buy items when given a single $100 bill versus $100 in smaller denominations. The reason, they said, is people mentally grasp a single $100 bill more easily. Therefore, people ascribe more value to that $100 and are less inclined to spend it.