Yale researchers argue that monkeys and humans exhibit similar illogical economic biases
Little attention has been paid to whether systematic economic biases such as risk-aversion are learned behaviors – and thus easily ameliorated through market incentives – or biologically based, arising in novel situations and in spite of experience. In a groundbreaking new study from the Journal of Political Economy, Yale researchers extend this question across species, exploring how a colony of capuchin monkeys responds to economic decisions. They found that monkeys doing business – including trading and gambling – behave in ways that closely mirror our own behavioral inclinations.
"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."
Suzanne Wu | EurekAlert!
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The Max Planck Institute for Physics (MPP) is opening up a new research field. A workshop from November 21 - 22, 2016 will mark the start of activities for an innovative axion experiment. Axions are still only purely hypothetical particles. Their detection could solve two fundamental problems in particle physics: What dark matter consists of and why it has not yet been possible to directly observe a CP violation for the strong interaction.
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