how basic are behavioral biases? evidence from capuchin monkey trading behavior

This page was processed by aws-apollo5 in 0.110 seconds, Using the URL or DOI link below will ensure access to this page indefinitely. invaluable research assistance    More articles in Journal of Political Economy from University of Chicago PressBibliographic data for series maintained by Journals Division (Obfuscate( 'press.uchicago.edu', 'pubtech' )). Behavioral economics has demonstrated systematic decision-making biases in both lab and field data. We show that capuchins react rationally to both price and wealth shocks but display several hallmark biases when faced with gambles, including reference dependence and loss aversion. Given our capuchins' inexperience with money and trade, these results suggest that loss aversion extends beyond humans and may be innate rather than learned. The capuchin monkeys (/ ˈ k æ p j ʊ tʃ ɪ n / or / ˈ k æ p j ʊ ʃ ɪ n /) are New World monkeys of the subfamily Cebinae.They are readily identified as the "organ grinder" monkey, and have been used in many movies and television shows.The range of capuchin monkeys includes some tropical forests in Central America and South America as far south as northern Argentina.

capuchin inexperience    Is your work missing from RePEc? Political Econ. 9��a�ΐ�x��۲@iy)�0��~�EA Do these biases extend across contexts, cultures, or even species? Evidence from capuchin monkey trading behavior. Cite . The study, titled “How Basic Are Behavioral Biases? Evidence from Capuchin Monkey Trading Behavior. russell sage founda-tion    2006 How basic are behavioral biases? References: View references in EconPapers View complete reference list from CitEc Citations: View citations in EconPapers (50) Track citations by RSS feed. Books and Chapters , Evidence from capuchin-monkey trading behavior’ show that monkeys react rationally to price changes and display biases when faced with gambles, e.g. Behavioral economics has demonstrated systematic decision-making biases in both lab and field data. Behavioral economics has demonstrated systematic decision-making biases in both lab and field data. Time discounting

• Standard price theory fits capuchin behavior • Risky behaviors: display loss … capuchin monkeys, and recovering their preferences over a range of goods and gambles. 0000006471 00000 n many people    114, issue 3, 517-537. Box 208205New Haven, CT 06520-8205United States, We use cookies to help provide and enhance our service and tailor content.By continuing, you agree to the use of cookies. Laurie R. Santos, The College of Information Sciences and Technology.

How basic are behavioral biases? We investigate this question by introducing fiat currency and trade to a colony of capuchin monkeys and recovering their preferences over a range of goods and gambles. Evidence from capuchin monkey trading behavior. 0000010930 00000 n 0000019816 00000 n Gross JJ. 517-537, June 2006, University of California, Los Angeles (UCLA) - Anderson School of Management, Yale University - Department of Psychology. 3. Behavioral economics has demonstrated systematic decision‐making biases in both lab and field data. We investigate this question by introducing fiat currency and trade to a colony of capuchin monkeys, and recovering their preferences over a range of goods and gambles. %PDF-1.2 %�� Venkat Lakshminarayanan and

M.K. Chen, V. Lakshminaryanan, L. SantosHow basic are behavioral biases? field data    endstream endobj 147 0 obj << /Type /FontDescriptor /Ascent 669 /CapHeight 660 /Descent -274 /Flags 98 /FontBBox [ -138 -274 1347 906 ] /FontName /PDABDJ+NewBaskerville-Italic /ItalicAngle -16 /StemV 85 /XHeight 432 /CharSet (/p/S/E/q/U/T/B/r/g/V/b/C/s/W/c/a/comma/D/t/l/e/G/hyphen/u/Y/f/I/H/period\ /v/colon/h/J/P/w/i/F/L/d/y/n/j/N/M/z/one/k/A/two/m/Q/x/three/o/R) /FontFile3 164 0 R >> endobj 148 0 obj << /Type /FontDescriptor /Ascent 669 /CapHeight 660 /Descent -274 /Flags 131106 /FontBBox [ -205 -271 1207 900 ] /FontName /PDABDF+NewBaskerville-SC /ItalicAngle 0 /StemV 93 /XHeight 466 /CharSet (/d/y/n/l/p/e/four/S/N/E/G/five/comma/f/period/r/six/h/V/P/seven/s/i/F/L/\ a/t/eight/j/zero/u/one/nine/T/emdash/A/k/v/two/m/g/b/colon/C/x/three/o/c\ /R/D) /FontFile3 161 0 R >> endobj 149 0 obj << /Type /Font /Subtype /Type1 /FirstChar 32 /LastChar 181 /Widths [ 260 320 380 520 520 900 740 220 440 440 500 520 260 333 260 580 556 556 556 556 556 556 556 556 556 556 260 260 520 520 520 400 820 660 640 680 740 620 540 740 820 360 340 660 620 880 760 820 580 800 660 520 660 780 640 900 740 520 600 440 260 440 520 500 360 556 556 556 611 500 444 611 667 333 333 556 500 722 611 611 500 611 556 444 556 611 556 778 611 556 500 280 260 280 520 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1000 0 0 0 0 0 0 0 0 260 0 520 520 0 0 0 0 0 740 0 0 0 333 0 0 0 520 0 0 0 580 ] /Encoding /WinAnsiEncoding /BaseFont /PDABDF+NewBaskerville-SC /FontDescriptor 148 0 R >> endobj 150 0 obj << /Type /Font /Subtype /Type1 /FirstChar 32 /LastChar 240 /Widths [ 260 320 380 520 520 900 740 220 440 440 500 520 260 240 260 580 520 520 520 520 520 520 520 520 520 520 260 260 520 520 520 400 820 660 640 680 740 620 540 740 820 360 340 660 620 880 760 820 580 800 660 520 660 780 640 900 740 520 600 440 260 440 520 500 360 480 560 460 580 500 320 520 600 280 260 520 280 860 600 560 580 560 400 360 320 580 420 640 520 420 420 280 260 280 520 260 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 520 520 0 0 0 0 0 740 0 360 0 260 0 0 260 520 260 260 0 580 260 260 260 260 260 0 0 260 0 0 0 0 0 260 0 260 260 0 0 0 260 0 0 0 0 0 500 1000 400 400 300 300 0 260 0 0 0 0 0 0 600 620 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 260 ] /Encoding /MacRomanEncoding /BaseFont /PDABDH+NewBaskerville-Roman /FontDescriptor 151 0 R >> endobj 151 0 obj << /Type /FontDescriptor /Ascent 682 /CapHeight 660 /Descent -274 /Flags 34 /FontBBox [ -205 -272 1207 906 ] /FontName /PDABDH+NewBaskerville-Roman /ItalicAngle 0 /StemV 85 /XHeight 431 /CharSet (/D/bracketright/two/t/a/G/three/u/quotedblright/I/H/N/x/four/v/quotedbll\ eft/E/J/dollar/five/w/F/quoteleft/L/percent/emdash/six/y/d/b/M/seven/z/c\ /O/quoteright/eight/e/Q/nine/parenleft/f/R/fi/colon/S/parenright/h/fl/ac\ ute/semicolon/U/i/asterisk/endash/V/j/g/W/k/comma/K/m/l/hyphen/Y/n/o/que\ stion/period/p/Z/slash/P/q/bracketleft/B/T/zero/r/C/A/one/s) /FontFile3 159 0 R >> endobj 152 0 obj << /Type /Encoding /Differences [ 1 /H17015 ] >> endobj 153 0 obj << /Type /Font /Subtype /Type1 /FirstChar 1 /LastChar 1 /Widths [ 833 ] /Encoding 152 0 R /BaseFont /PDABDL+Universal-NewswithCommPi /FontDescriptor 145 0 R >> endobj 154 0 obj << /Length 2316 /Filter /FlateDecode >> stream
Given our capuchins' inexperience with money and trade, these results suggest that loss aversion extends beyond humans and may be innate rather than learned.

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