Loss Aversion in Nonhuman Subjects
In 2005, experiments were conducted on the ability of capuchin monkeys to use money. After several months of training, the monkeys began showing behavior considered to reflect understanding of the concept of a medium of exchange. They exhibited the same propensity to avoid perceived losses demonstrated by human subjects and investors. However, a subsequent study by Silberberg and colleagues suggested that in fact the 2005 results were not indicative of loss aversion because there was an unequal time delay in the presentation of gains and losses. Losses were presented with a delay. Hence, the results can also be interpreted as indicating "delay aversion".
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