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Updated: Apr 17, 2026
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Measuring the Subjective Value of Risky and Ambiguous Options using Experimental Economics and Functional MRI Methods
Published on: September 19, 2012
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Economic choices reveal probability distortion in macaque monkeys
William R Stauffer1, Armin Lak2, Peter Bossaerts3
1Department of Physiology, Development and Neuroscience, University of Cambridge, Cambridge CB2 3DY, United Kingdom, william.stauffer@gmail.com.
Summary
Monkeys exhibit probability distortion, overweighting low-probability rewards and underweighting high-probability ones, similar to humans. This suggests probability weighting may be an evolutionarily preserved neural process.
Area of Science:
- Neuroscience
- Behavioral Economics
- Primate Cognition
Background:
- Economic decision-making relies on reward value and probability.
- Humans exhibit nonlinear probability weighting (probability distortion), overweighting low probabilities and underweighting high ones.
- It remains unknown if non-human primates display similar probability distortion.
Purpose of the Study:
- To investigate probability distortion in macaque monkeys.
- To determine if monkeys exhibit human-like probability weighting in economic choices.
- To explore the neural basis of probability distortion in primates.
Main Methods:
- Two macaque monkeys were trained to make choices between probabilistic gambles with known outcome probabilities.
- Explicit visual cues (sector stimuli) represented reward probabilities.
- Choices between gambles and safe rewards were analyzed using parametric modeling to measure probability weighting functions.
Main Results:
- Monkeys used explicit probability information for meaningful decisions.
- Behavioral choices revealed inverted-S-shaped probability weighting functions, characteristic of probability distortion.
- Monkeys overweighted low-probability rewards and underweighted high-probability rewards.
- Choices were best explained by nonlinear value and nonlinear probability distortion.
Conclusions:
- Macaque monkeys demonstrate probability distortion in economic choices, mirroring human behavior.
- Probability distortion may be an evolutionarily preserved neuronal processing mechanism.
- These findings provide insights into the neural underpinnings of economic decision-making across species.
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