Abstract

http://ssrn.com/abstract=1117970
 
 

References (32)



 
 

Citations (3)



 


 



Endowment Effects in Chimpanzees


Sarah F. Brosnan


Georgia State University

Owen D. Jones


Vanderbilt University - Law School & Dept. of Biological Sciences

Susan P. Lambeth


Michale E. Keeling Center for Comparative Medicine and Research

Mary Catherine Mareno


Michale E. Keeling Center for Comparative Medicine and Research

Amanda S. Richardson


Michale E. Keeling Center for Comparative Medicine and Research

Steven Schapiro


Michale E. Keeling Center for Comparative Medicine and Research

October 2007

Current Biology, Vol. 17, pp. 1704-1707, October 9, 2007
Vanderbilt Law and Economics Research Paper No. 08-13

Abstract:     
Human behavior is not always consistent with standard rational choice predictions. The much-investigated variety of apparent deviations from rational choice predictions provides a promising arena for the merger of economics and biology. Although little is known about the extent to which other species also exhibit these seemingly irrational patterns of human decision-making and choice behavior, similarities across species would suggest a common evolutionary root to the phenomena.

The present study investigated whether chimpanzees exhibit an endowment effect, a seemingly paradoxical behavior in which humans tend to value a good they have just come to possess more than they would have only a moment before. We show the first evidence that chimpanzees do exhibit an endowment effect, favoring items they just received more than items they prefer that could be acquired through exchange. Moreover, we demonstrate that - as predicted - the effect is far stronger for food than for less evolutionarily salient objects, perhaps due to historically greater risks associated with keeping a valuable item versus attempting to exchange it for another. These findings suggest that the larger set of seeming deviations from rational choice predictions may be common to humans and chimpanzees, and that the evaluation of these through a lens of evolutionary relevance may yield further insights in both humans and other species.

Number of Pages in PDF File: 12

Keywords: endowment effect, behavioral economics, law, property, behavioral biology, evolutionary biology, evolutionary analysis in law, chimpanzees, prospect theory, rationality, irrationality, economics

JEL Classification: K00, K11, K19, K30, K39, D00, D81, H30

Accepted Paper Series





Download This Paper

Date posted: April 9, 2008  

Suggested Citation

Brosnan, Sarah F. and Jones, Owen D. and Lambeth, Susan P. and Mareno, Mary Catherine and Richardson, Amanda S. and Schapiro, Steven, Endowment Effects in Chimpanzees (October 2007). Current Biology, Vol. 17, pp. 1704-1707, October 9, 2007; Vanderbilt Law and Economics Research Paper No. 08-13. Available at SSRN: http://ssrn.com/abstract=1117970

Contact Information

Sarah F. Brosnan (Contact Author)
Georgia State University ( email )
Atlanta, GA 30303
United States
4044136301 (Phone)
HOME PAGE: http://www2.gsu.edu/~wwwcbs/
Owen D. Jones
Vanderbilt University - Law School & Dept. of Biological Sciences ( email )
131 21st Avenue South
Nashville, TN 37203-1181
United States
Susan P. Lambeth
Michale E. Keeling Center for Comparative Medicine and Research ( email )
Department of Veterinary Sciences
University of Texas M. D. Anderson Cancer Center
Mary Catherine Mareno
Michale E. Keeling Center for Comparative Medicine and Research ( email )
Department of Veterinary Sciences
University of Texas M. D. Anderson Cancer Center
Amanda S. Richardson
Michale E. Keeling Center for Comparative Medicine and Research ( email )
Department of Veterinary Sciences
University of Texas M. D. Anderson Cancer Center
Steven Schapiro
Michale E. Keeling Center for Comparative Medicine and Research ( email )
Department of Veterinary Sciences
University of Texas M. D. Anderson Cancer Center
Feedback to SSRN


Paper statistics
Abstract Views: 1,857
Downloads: 272
Download Rank: 66,273
References:  32
Citations:  3

© 2014 Social Science Electronic Publishing, Inc. All Rights Reserved.  FAQ   Terms of Use   Privacy Policy   Copyright   Contact Us
This page was processed by apollo3 in 0.406 seconds