Economic Choice Theory: An Experimental Analysis of Animal Behavior
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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Chapter 1 Introduction
Some initial tests of the theory
Tests of competing motivational processes and the representative consumer hypothesis
Initial tests of thetheory with some public policy implications
Tests of competing motivational processes and earnings distributions for animal workers
Chapter 6 Choices over uncertain outcomes
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altemative animal average baseline Battalio bliss point budget constraint budget line Caraco choice frequencies choosing coefﬁcient commodity-choice concemed consumer consumer-demand theory consumption delay discounting eamings earnings economic equation expansion paths Experimental Analysis experiments Figure ﬁnd ﬁrst ﬁxed ﬂuid foraging Giffen hypothesis income effect income-compensated price changes income-compensated wage income-constant increased indifference curves individual intertemporal choice Kagel labor labor-supply behavior labor-supply curve leisure lever presses marginal value theorem matching law maximizing optimal outcomes patch pattems payoff pigeons predictions procedures prospect theory prospects psychology quinine Rachlin random rate of reinforcement ratio schedules rats reduced relative prices reported response rates reward risk aversion risk loving satisﬁed schedules of reinforcement Section session signiﬁcant Silberberg slope speciﬁcation stochastic stochastic dominance studies subjects substitution effects sufﬁcient supply switching tests tion treatment conditions unearned income utility function variability vary versus VR schedule wage changes wage decreases wage rate welfare trap