"Traditionally, economists have remained agnostic as to the origins of human preferences," write M. Keith Chen, Venkat Lakshminarayanan, and Laurie R. Santos. "[But] if much of the fundamental structure of our preferences were so deep rooted as to extend to closely-related species, this would bolster the assumption of preference stability."
As part of the study, the researchers presented capuchin monkeys with two payoff-identical gambles: one in which a good outcome was framed as a bonus, and the other in which bad outcomes were emphasized as losses. Like humans, the monkeys displayed a strong preference for the first option, and like humans, the monkeys seemed to weigh the losses more heavily than comparable gains.
"Our results suggest that loss-averse behavior is a very general feature of economic choice," explain the authors. "Given our capuchins' inexperience with trade and gambles, these results suggest that loss-aversion extends beyond humans, and may be innate rather than learned."
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Chen, M. Keith, Venkat Lakshminarayanan, and Laurie R. Santos. "How Basic are Behavioral Biases? Evidence from Capuchin Monkey Trading Behavior" Journal of Political Economy, 114:3.
Last reviewed: By John M. Grohol, Psy.D. on 21 Feb 2009
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