Economic Choice Theory: An Experimental Analysis of Animal Behavior

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Cambridge University Press, Jan 27, 1995 - Business & Economics - 230 pages
This book details the results of the authors' research using laboratory animals to investigate individual choice theory in economics--consumer-demand and labor-supply behavior and choice under uncertainty. The use of laboratory animals provides the opportunity to conduct controlled experiments involving precise and demanding tests of economic theory with rewards and punishments of real consequence. Economic models are compared to psychological and biological choice models along with the results of experiments testing between these competing explanations. Results of animal experiments are used to address questions of social policy importance.
 

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Contents

Chapter 1 Introduction
1
Some initial tests of the theory
8
Tests of competing motivational processes and the representative consumer hypothesis
47
Initial tests of thetheory with some public policy implications
79
Tests of competing motivational processes and earnings distributions for animal workers
109
Chapter 6 Choices over uncertain outcomes
134
Chapter 7 Intertemporal choice
173
Chapter 8 Summing up
200
Bibliography
207
Index
221
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