The Untold Research of Demand and Supply
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.
However, 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. In the experiment researchers 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 alowed position in the rank
order and was therefore scarcely groomed. However, as soon as she acquired the
power to handout 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.
Monkey is a subject for this research to look for the habitual of Demand and Supply
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.
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