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Date: | Fri Mar 31 17:18:49 2006 |
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Pat Gunning wrote:
> And is not that distinguishing feature the human ability
> to choose? More specifically, isn't the distinguishing
> feature the ability to identify alternatives and choose
> among them in the way that individuals regard as most
> suitable?
That's getting a little too metaphysical for me.
More concretely, people share choice behaviors with animals.
E.g., http://www.som.yale.edu/Faculty/keith.chen/papers/LossAversionDraft.pdf
(Some details below.)
Cheers,
Alan Isaac
The Evolution of Our Preferences: Evidence from
Capuchin-Monkey Trading Behavior
Keith Chen joint with Venkat Lakshminarayanan & Laurie Santos
Abstract:
Behavioral economics has demonstrated systematic
decision-making biases in both lab and field data. But
are these biases learned or innate? We investigate this
question using experiments on a novel set of subjects --
capuchin monkeys. By introducing a fiat currency and
trade to a capuchin colony, we are able to recover their
preferences over a wide range of goods and risky
choices. We show that standard price theory does
a remarkably good job of describing capuchin purchasing
behavior; capuchin monkeys react rationally to both
price and wealth shocks. However, when capuchins are
faced with more complex choices including risky gambles,
they display many of the hallmark biases of human
behavior, including reference-dependent choices and
loss-aversion. Given that capuchins demonstrate little
to no social learning and lack experience with abstract
gambles, these results suggest that certain biases such
as loss-aversion are an innate function of how our
brains code experiences, rather than learned behavior or
the result of misapplied heuristics.
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