Economic Choice Theory: An Experimental Analysis of Animal Behavior

by John H. Kagel , Raymond C. Battalio , Leonard Green

• ISBN13: 9780521035927
• ISBN10: 0521035929
• Edition: Revised
• Format: Paperback
• Copyright: 2007-05-31
• Publisher: Cambridge University Press

Summary

This book details the results of the authors' research using laboratory animals to investigate individual choice theory in economics-consumer-demand and labour supply behaviour 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.

Table of Contents

Preface

Introduction

Commodity-choice behaviour I: some initial tests of the theory

Commodity-choice behaviour II: tests of competing motivational processes and the representative consumer hypothesis

Labour-supply behaviour I: initial tests of the theory with some public policy implications

Labour-supply behaviour II: tests of competing motivational processes and earnings distributions for animal workers

Choices over uncertain outcomes

Intertemporal choice

Summing up

Bibliography

Index

Table of Contents provided by Publisher. All Rights Reserved.