Multi-stage mental process for economic choice in capuchins. Padoa-Schioppa, C., Jandolo, L., & Visalberghi, E. Cognition, 99(1):B1-B13, 2006.
doi  abstract   bibtex   
We studied economic choice behavior in capuchin monkeys by offering them to choose between two different foods available in variable amounts. When monkeys selected between familiar foods, their choice patterns were well-described in terms of relative value of the two foods. A leading view in economics and biology is that such behavior results from stimulus-response associations acquired through experience. According to this view, values are not psychologically real; they can only be defined a posteriori. One prediction of this associative model is that animals faced for the first time with a new pair of foods learn to choose between them gradually. We tested this prediction. Surprisingly, we find that monkeys choose as effectively between new pairs of foods as they choose between familiar pairs of foods. We therefore, propose a cognitive model in which economic choice results from a two-stage mental process of value-assignment and decision-making. In a follow-up experiment, we find that the relative value assigned to three foods in sessions in which we tested them against each other combine according to transitivity.
@Article{Padoa-Schioppa2006,
  author   = {Camillo Padoa-Schioppa and Lucia Jandolo and Elisabetta Visalberghi},
  journal  = {Cognition},
  title    = {Multi-stage mental process for economic choice in capuchins.},
  year     = {2006},
  number   = {1},
  pages    = {B1-B13},
  volume   = {99},
  abstract = {We studied economic choice behavior in capuchin monkeys by offering
	them to choose between two different foods available in variable
	amounts. When monkeys selected between familiar foods, their choice
	patterns were well-described in terms of relative value of the two
	foods. A leading view in economics and biology is that such behavior
	results from stimulus-response associations acquired through experience.
	According to this view, values are not psychologically real; they
	can only be defined a posteriori. One prediction of this associative
	model is that animals faced for the first time with a new pair of
	foods learn to choose between them gradually. We tested this prediction.
	Surprisingly, we find that monkeys choose as effectively between
	new pairs of foods as they choose between familiar pairs of foods.
	We therefore, propose a cognitive model in which economic choice
	results from a two-stage mental process of value-assignment and decision-making.
	In a follow-up experiment, we find that the relative value assigned
	to three foods in sessions in which we tested them against each other
	combine according to transitivity.},
  doi      = {10.1016/j.cognition.2005.04.008},
  keywords = {Analysis of Variance, Animals, Cebus, Choice Behavior, Cognitive Science, Decision Making, Economics, Female, Food Preferences, Male, Mental Processes, Models, Non-U.S. Gov't, Psychological, Reaction Time, Research Support, 16043168},
}

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