Futurity.org – In tool trade, chimps reveal a quirky bias:
The endowment effect essentially says that you value something you own more than it is worth from an outside perspective. Now it appears that chimps suffer the same bias:
The endowment effect essentially says that you value something you own more than it is worth from an outside perspective. Now it appears that chimps suffer the same bias:
"Drawing on prior theoretical work by Jones on the evolution of seemingly irrational behaviors, Brosnan and Jones found consistency between chimpanzees and humans with respect to the existence of the endowment effect and, more importantly, showed that variations in the prevalence of the effect could be predicted."
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