Editing Loss aversion (section)

=== In nonhuman subjects ===

In 2005, experiments were conducted on the ability of [[capuchin monkey]]s 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.<ref name = "Dubner">{{cite news|url=https://www.nytimes.com/2005/06/05/magazine/05FREAK.html | last = Dubner | first = Stephen J. | author-link = Stephen J. Dubner |author2=Levitt, Steven D. |author-link2=Steven Levitt  | title=Monkey Business| date = 2005-06-05 | work = [[Freakonomics blog|Freakonomics column]] | publisher= New York Times|access-date=2010-08-23}}</ref> Chen, Lakshminarayanan and Santos (2006) also conducted experiments on capuchin monkeys to determine whether behavioral biases extend across species. In one of their experiments, subjects were presented with two choices that both delivered an identical payoff of one apple piece in exchange of their coins. Experimenter 1 displayed one apple piece and gave that exact amount. Experimenter 2 displayed two apple pieces initially but always removed one piece before delivering the remaining apple piece to the subject. Therefore, identical payoffs are yielded regardless of which experimenter the subject traded with. It was found that subjects strongly preferred the experimenter who initially displayed only one apple piece, even though both experimenters yielded the same outcome of one apple piece. This study suggests that capuchins weighted losses more heavily than equivalent gains.<ref>{{Cite journal|last1=Chen|first1=Keith|last2=Lakshminarayanan|first2=Venkat|last3=Santos|first3=Laurie|date=April 25, 2021|title=How Basic Are Behavioral Biases? Evidence from Capuchin Monkey Trading Behavior|journal=Journal of Political Economy|volume=114|issue=3 |pages=517–534|doi=10.1086/503550}}</ref><gallery>
File:Tufted capuchin on a branch in Singapore.jpg|Tufted capuchin monkey display human-like behavioral biases, including loss aversion.
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