What Happens When Monkeys Learn how to Use Money?

What Happens When Monkeys Learn how to Use Money? Is a video focused on the financial decisions of both humans and capuchin monkeys, the fundamentals of economic decisions of both, and how similar humans are to monkeys when it comes to finances and the biasses of economics know as relativity in transactions and loss aversion.

As surprising as it may be, monkeys are not so different from humans when it comes to money and how to use it. On a basic level, we could say that monkeys are basically on the same plane of financial intelligence as the average human. Why is this the case and how did we find out? How did the monkeys learn to use money? How did the researchers teach them and what happened once the monkeys understood the concept of money?

Check out the video to get the answers!

The information of the video is based on a study conducted in 2005 by economist Keith Chen and psychologist Laurie Santos. The paper is called "How Basic Are Behavioral Biases? Evidence from Capuchin Monkey Trading Behaviour". The papers used to reference the 2 biasses when it comes to finances is titled "Prospect Theory: An analysis of decision under risk" which was made by Daniel Kahneman and Amos Tversky.

We hope you enjoy the video and please leave a like and subscribe for more weird and interesting content!

If you need really good narration work done you must contact:

[riccello]

"As soon as monkeys learn about money their whole sosciety falls apart... but before we continue, please hit the subscribe button so we can get some money"

[jaymeister]

Fun fact: They studied the exact same phenomenon, but in a lower intelligence animal. Hence, lobsters were used in the new experiment to see if a lower intelligence can grasp the concept of currency.

Experiment was abandoned when it was found that the lobsters were too shellfish to trade

[Amatureb]

5:25 Me: Aww that’s so sweet he’s giving her a present that’s adora-

Five seconds later: Did he just….

[DarkCloak-]

Felix the monkey salesman be like: improvise, adapt, overcome

[notsqueakerchild]

how does this video only have 320 views? this is so well made

[cobean]

That's how it works in monke city

[prosticcancersans]

This is why i dont get a healthy 8h of sleep am always watching these

[ThinkerYT]

whoa, super interesting topic here new video in work already.

[sebastianwallin]

The real question is whether it really was altruism or exchange of money for services.

Given this one scenario they shouldn't really be able to tell.
Did the monkey give the money for the service or did the monkey give the money to show affection and the other monkey chose to reward that decision?

For an example we male humans use a lot of money to buy diamonds or jewelery and then gives this to the woman we love. She will then appreciate this gesture and likely show her affection in an intimate fashion.

[diceking]

Super interesting videos, can't wait for more.

[edp]

i dont know how the algorithm works, but you deserve more love. thanks

[Poplyser]

Great video, I wonder how many more animals can perform financial decisions like this that we don't know about.

[atalkinglemon]

Saw a social media post so I looked it up
And holy shit it’s true

[Inabaedits]

Great video, I can definitely see you rising the ranks of the informational channels, keep up the great work!

[nomore-constipation]

Many people, including myself have the "sunk cost fallacy" decision to make. Good example would be a vehicle. When you finally pay off a vehicle, when is it cost effective to keep holding on to the vehicle? If at a later date, like 2-5 years after full purchase is pouring money into repairs okay?

I had this lesson myself when I had a vehicle and realized that I kept insisting on putting money into a vehicle that just keep breaking down every so often.

If you think about it in monthly payments, if "X" amount repairs a year cost $300 and you are able to finance a vehicle that you like at $250 or $275 would you keep spending the extra money into the older vehicle or just outright trade your old vehicle in for that other vehicle.

Is having payments of $250 a month rather than one $900 repair is better or not? Very laughable when you think about it. Especially since the vehicle gets older and older each year.


In let's say a three year lease your paying $250 x 36 months

OR (for simplicity adding)

Year ONE - Repair Bills for
($1000x2)=$2000
$1000+$1000

Year TWO - Repair Bills for
($600x5)=$3000
$600+$600+$600+$600

Year THREE - Repair Bills for
($500x8)=$4000
$500+$500+$500+$500+
$500+$500+$500+$500

$250x36=$9000
OR
$2000+$3000+4000=$9000

So after year three you own the newer vehicle that will have less of a repair need. Again this is a drastic cost analysis but I'm assuming replacement for normal every stuff like oil, tires and wipers etc are the same for each vehicle.

My point is that if you keep $250 payments and stay always at $250 you won't have a huge shock of the other scenario that might possibly be worse in later years.

Sorry for the long rant and brief example but this is definitely something I taught my kids.

That should definitely be taught at school. Supporting the idea each part of their education. Elementary, to middle school and high school and beyond. Reinforcement of this type of knowledge should be a good foundation for anyone. Especially so we keep reminding ourselves not to fall back into chimpanzeehood-ness. 😆

[Aparichit-prod]

This is so underrated, I know this channel will rise one day!

[BlackRose]

I would like to see this research again but based on housing, in where they be given the concept on housing marketing on rent and ownership to see what would happen.

[FronkCartel]

This is so EPIC.
Thank you for Creating !

[vboi]

Imagine if they did this experiment with Ravens and/or Crows

[KayCozy]

Wow who edited this? Very well put together