We propose a new theoretical framework to study the editing phase in the decision-making process. Our model combines hedonic editing with the assumption that some editing rules are too demanding and thus unfeasible for some decision makers. To capture how constrained decision makers are, we...

The aim of this paper is to analyze the demand of both traditional and new media of exchange – as cryptocurrencies and central bank digital currencies – proposing a novel specification of the demand for money. In this specification, the medium of payment (MOP) has three properties: the first...

One sentence summary: Do people see privacy as an attribute of media of payment? In the economic literature, a medium of payment has two properties: liquidity and store of value. The fast and increasing development of digital currencies raises the question: is privacy a third attribute? We test...