In a new Cognition paper, Barbara Pavlek, @replicatedtypo & I try to "reverse-engineer" cash. The design of coins is adapted to our cognitive biases. Knowing them, we can uncover hidden patterns in coined currencies. Thread (1/10).https://tinyurl.com/rxyr968
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We also show that coin sizes track coin values logarithmically. Reasons to expect this come independently from economics (marginal utility theory) & psychology (the view that our minds represent magnitudes with log functions, applied to money by dehaene handle).(9/10)pic.twitter.com/eqLuNd0Gf8
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So most coins are fine pieces of engineering. But what about that Lincoln penny study? Well, the subjects were actually quite good at remembering the features that set the penny apart from other coins. They forgot what was irrelevant. (10/10)
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As usual the full data & code are open & accessible on the Open Science Framework, along with our preregistration. https://osf.io/2vuba/ ; and an OA preprint:https://osf.io/2qc4s/
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