Money: A Bias for the Whole

We document the phenomenon of “bias for the whole,” wherein greater value is perceived for money in the form of a whole (large denomination) than for equivalent amounts of money in parts (smaller denominations), resulting in a lower inclination to spend with the whole. We demonstrate across four experiments that the bias arises from greater processing fluency experienced in processing the whole as opposed to parts. This processing fluency is hedonically marked and generates positive affect that is attributed to the money, which results in an overvaluation of the whole, making one reluctant to spend with the whole.