If they were real capitalists, the two monkeys would have a meeting to talk about the "shitty" prices for apples.
On Mon, Oct 18, 2010 at 8:25 AM, Jim Devine <[email protected]> wrote: > [of course, there are several distinct meanings of the "rules of > supply and demand." this experiment only describes one.] > > Monkeys Follow Economic Rules Of Supply And Demand > [http://www.sciencedaily.com/releases/2009/09/090902122448.htm] > > ScienceDaily (Sep. 8, 2009) — 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). > > Cécile Fruteau placed food containers with highly-desired pieces of > apple in two groups of South African vervet monkeys. For the monkeys > there was just one problem: only one in each group could open the food > container. This monkey had a low position in the rank order and was > therefore scarcely groomed. However, as soon as she acquired the power > to hand out apples she was valued more and was groomed a lot by the > rest of the group. Yet she could only enjoy that privilege briefly; > the researchers placed a second food container that could be opened by > another low-ranking female. From that moment onwards the market value > of the first monkey was halved, and she was therefore groomed half as > often. > > Long-term planning > > 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. > > Immediately after the opening of the food containers, the researchers > registered how long the females were groomed for. The next occasion on > which the females could open a container was, however, several days > later. The fact that the females were still groomed more indicates > that the vervet monkeys apply a strategy that works in the long term. > The choice of partners is also influenced by long-term attitudes; the > monkeys can value one monkey relatively more than the others. > > 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 research of Eric van Damme (Tilburg University) and Ronald Noë > (University of Strasbourg) is part of the Evolution and Behaviour > research programme of the NWO Division for Social Sciences. > > Editor's Note: This article is not intended to provide medical advice, > diagnosis or treatment. > > Story Source: > The above story is reprinted (with editorial adaptations by > ScienceDaily staff) from materials provided by NWO (Netherlands > Organization for Scientific Research).Journal Reference: > Fruteau et al. Supply and demand determine the market value of food > providers in wild vervet monkeys. Proceedings of the National Academy > of Sciences, 2009; 106 (29): 12007 DOI: 10.1073/pnas.0812280106 > > -- > Jim Devine / "Segui il tuo corso, e lascia dir le genti." (Go your own > way and let people talk.) -- Karl, paraphrasing Dante. > _______________________________________________ > pen-l mailing list > [email protected] > https://lists.csuchico.edu/mailman/listinfo/pen-l > -- Robert Naiman Policy Director Just Foreign Policy www.justforeignpolicy.org [email protected] Urge Congress to Support a Timetable for Military Withdrawal from Afghanistan http://www.justforeignpolicy.org/act/feingold-mcgovern _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
