Question

Ellsburg Paradox.

c. Explain the experimental task researchers use to study ambiguity with monkeys.

d. What have researchers learned about whether monkeys are ambiguity averse.

Answer 1

Ambiguity is the property in which a person is ambiguous, such that his symbols and words could interpreted in more than one way. Ambiguity aversion impart human like characteristics where they would invoke human like features such as language, the need to avoid public embarrassment and even self justification.

c. Explain the experimental task researchers use to study ambiguity with monkeys.

In this experiment , the Rhesus Macaques monkey was used to study ambiguity aversion. In this experiment, four monkeys were trained for choosing between pairs of options that were showing large and small outcomes. Later, one option was removed and the preferences were checked. And humans were given an identical task. Initially, the monkeys chose for options that were more risky than the ambiguous ones.

d. What have researchers learned about whether monkeys are ambiguity averse.

Researchers learned that the property of ambiguity that was only seen in humans, have been seen in other animals as well. The monkeys began to chose for the options that were more ambiguous, after knowing which option was Moore regarding. Hence, ambiguity aversion declined in the monkeys. That is , there is a funcdqmentwl cognitive sharing that monkeys have with humans, and is not unique to humans alone.