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Monkey Business: How Capuchins Display Loss Aversion and Endowment Effects
- 1. Monkey Business( a short story about loss aversion and theendowmenteffect ) Haakon Spilde (hfs@knowit.no) XP2010 Trondheim
- 2. References M. Keith Chen, VenkatLakshminarayanan and Laurie Santos. “How Basic Are Behavioral Biases? Evidence from Capuchin Monkey Trading Behavior”Journal of Political Economy, 2006, vol. 114, no. 3 Daniel Kahneman, Jack L. Knetsch and Richard H. Thaler. “Anomalies: The Endowment Effect, Loss Aversion and Status Quo Bias”, Journal of Economic Perspectives, 1991, vol. 5, no. 1
- 3. Loss Aversion The asymmetry between the evaluation of gains and losses
- 6. Quick and adept problem solvers
- 7. Skilled tool users A single alpha-male and several sub-alpha-males and females normally live together, with the alpha-male holding sexual monopoly over the females within the group
- 10. All subjectshated a ”sure loss” the most
- 11. Endowmenteffect The asymmetry between the amount that a given individual would like to pay for a certain good and the amount that this individual would like to accept to sell the same good.
- 12. A few ideas on situations in software development where this knowledge may be useful
- 14. This means you gave 2 bananas and took one back
- 15. “If you want to add this feature, you have to remove another”
- 16. This implies giving one banana back. Also the one being given back is worth more.
- 17. Development in iterations and detailing as late as possible are ways to decrease the impact of loss aversion and the endowment effect.
- 18. Less likely you have to give bananas back and you are making sure that only a few bananas are given at a time.
Hinweis der Redaktion
- Two persons, A and B, sellingfruit to themonkeyExperiment 1: A always displays one piece offruit, butsometimesadds an extra pieceB always displays two pieces offruit, butsometimesremovesoneofthemResult:Subjectsprefer A Theyprefer bonus over loss
- Experiment 2:A always displays one piece offruit and gives itB always displays two pieces offruit, butalwaysremovesoneResults: Subjectsprefer A B was a ”sure loss”