What Chimpanzees Can Teach Us About Economics

(By the way, the experiment described in this article--involving struggles over fruit bars and chocolate--works on three-year-old humans and management consultants, too.)

clipped from www.vanderbilt.edu In a long standing enigma of economics and psychology, humans tend to immediately value an item they’ve just received more than the maximum amount they would have paid to get it to begin with. This tendency, known as the endowment effect, is something some economists consider a fluke, but new research finds that humans aren’t the only ones exhibiting an endowment effect. A new study co-authored by Vanderbilt professor Owen Jones, who is one of the nation’s few professors of both law and biology, uncovered the first evidence that chimpanzees exhibit an endowment effect similar to people. Specifically, the study showed that chimpanzees favor items they just received more than items they normally prefer that they could get through exchange. “Our results support the conclusion that the frequent failure to exchange a less-favored food for a more-preferred food was an active choice and is similar to the endowment effect behavior seen in humans,” said Jones.

Stinky? It's Not His Sweat, It's Your Nose

Dang. Finally, some support for the big, sweaty feller! I remember that, starting at age 13, I received the Brut or Olde English cologne seasonal gift box throughout my college years.

clipped from www.reuters.com CHICAGO (Reuters) - When it comes to a man's body odor, the fragrance -- or stench -- is in the nose of the beholder, according to U.S. researchers who suggest a single gene may determine how people perceive body odor. The study, published online on Sunday in the journal Nature, helps explain why the same sweaty man can smell like vanilla to some, like urine to others and for about a third of adults, have no smell at all. Matsunami and colleagues at Duke and Rockefeller University in New York focused on the chemical androstenone, which is created when the body breaks down the male sex hormone testosterone.

Radio Lab: Emergence

A great audio exploration of organization from chaos, order from the accidental: ants, cities, fireflies and life itself.

clipped from www.wnyc.org What happens when there is no leader? Starlings, bees, and ants manage just fine. In fact, they form staggeringly complicated societies, all without a Toscanini to conduct them into harmony. How? We gaze down at the bottom-up logic of cities, Google, even our very own brains. Featured: author Steven Johnson, fire-flyologists John and Elizabeth Buck, biologist E.O. Wilson, Ant expert Debra Gordon, mathematician Steve Strogatz, economist James Surowiecki, and neurologists Oliver Sacks and Christof Koch.