How do we pay with euro notes? Empirical evidence from Monopoly experiments

In contrast to abundant theoretical literature, there are almost no empirical studies on how individuals actually deal with cash. In this paper we analyze euro transactions, made during various games of Monopoly® (European edition), where in some games we deliberately left out one of the notes. We find that not having access to 100-euro or 10-euo notes is not as problematic for payment behavior as it is for not having 200-euro and 20-euro notes. We also find that the 50-euro note plays a crucial role in actual payments.