How do we pay with euro notes when some notes are missing? : empirical evidence from Monopoly experiments

There are no empirical studies on how individuals actually pay with cash in case some notes or coins are missing. This lack of research is most likely due to the difficulties in collecting actual data. In this article, we therefore analyse euro transactions collected in an experimental setting, made during various games of Monopoly® (European edition), where in some games we leave out one of the notes each time. We find that not having access to 100-euro or 10-euro notes is not problematic for payment behaviour. However, not having 200-euro and 20-euro notes is troublesome. Moreover, we find that the 50-euro note is crucial for payments.