Monkeys Follow Economic Rules Of Supply And Demand
source: http://www.sciencedaily.com/releases/2009/09/090902122448.htm
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- DeliaTheArtist
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"A monkey that has acquired the sole power to hand out apples is generously rewarded with grooming sessions by the other monkeys in its group. But as soon as another monkey can hand out apples as well, the market value of the first monkey is halved.
The monkeys therefore unerringly obey the law of supply and demand. Dutch-sponsored researchers Ronald Noë, Cécile Fruteau and Eric van Damme demonstrated this in their article that was published online on 7 July by the journal PNAS (Proceedings of the National Academy of Sciences).
The experiments revealed that the female monkeys that could open the food containers were groomed more than when they exerted no power over the food production. The females concerned also did not have to groom the other monkeys as long. They were therefore paid for their services as food suppliers. Biological market theory predicts that the market value of these female monkeys should vary according to the law of supply and demand. The fact that the grooming time of the first monkey was halved as soon as the second monkey gained the power to distribute apples, confirms this idea; the price of goods - in this case the female monkeys who could open the containers - was instantaneously adjusted to the market.
A change in price - grooming for less long if there is another monkey that supplies apples - is only possible if a negotiation process takes place. Many economists assume that such negotiations can only take place if they are concluded with a contract. However, the vervet monkeys do not have the possibility to conclude such binding contracts and yet they still succeed in agreeing to a change in price for a service."
The monkeys therefore unerringly obey the law of supply and demand. Dutch-sponsored researchers Ronald Noë, Cécile Fruteau and Eric van Damme demonstrated this in their article that was published online on 7 July by the journal PNAS (Proceedings of the National Academy of Sciences).
The experiments revealed that the female monkeys that could open the food containers were groomed more than when they exerted no power over the food production. The females concerned also did not have to groom the other monkeys as long. They were therefore paid for their services as food suppliers. Biological market theory predicts that the market value of these female monkeys should vary according to the law of supply and demand. The fact that the grooming time of the first monkey was halved as soon as the second monkey gained the power to distribute apples, confirms this idea; the price of goods - in this case the female monkeys who could open the containers - was instantaneously adjusted to the market.
A change in price - grooming for less long if there is another monkey that supplies apples - is only possible if a negotiation process takes place. Many economists assume that such negotiations can only take place if they are concluded with a contract. However, the vervet monkeys do not have the possibility to conclude such binding contracts and yet they still succeed in agreeing to a change in price for a service."
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- groups:
- Community, Green, Earth and Science, Science, 2 more
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good_stuff
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So, what does it all mean. Should we be capitalists or socapitalists (new word invented?)?
I think society has done away with natural laws (natural selection) in our civilizations, so it is only natural to give up on capitalism too in civilizations. It sucks for the alpha dogs, I will agree, but it is where we are at.
- 2 years ago
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good_stuff
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Kairu
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Like looking back through furry, diminutive mirrors...
- 2 years ago
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Kairu
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Revelation_Machine
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Great for pointing out our "Civilized" and "Complex" ways are just more confusing and less effecient ways animals do things.... But really? it took researchers and funding? hell I could have told you that in smaller words.
- 2 years ago
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Revelation_Machine
