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".
Read more about this topic: Loss Aversion
Famous quotes containing the words loss, aversion and/or subjects:
“Unthinking people will often try to teach you how to do the things which you can do better than you can be taught to do them. If you are sure of all this, you can start to add to your value as a mother by learning the things that can be taught, for the best of our civilization and culture offers much that is of value, if you can take it without loss of what comes to you naturally.”
—D.W. Winnicott (20th century)
“When in a serious mood, it seems to me that those people are illogical who feel an aversion toward death. As far as I can see, life consists exclusively of horrors, unpleasantnesses and banalities, now merging, now alternating.”
—Anton Pavlovich Chekhov (1860–1904)
“There are few places outside his own play where a child can contribute to the world in which he finds himself. His world: dominated by adults who tell him what to do and when to do it—benevolent tyrants who dispense gifts to their “good” subjects and punishment to their “bad” ones, who are amused at the “cleverness” of children and annoyed by their “stupidities.””
—Viola Spolin (b. 1911)