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.
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Editorial Reviews
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"This is a fscinating book. In it the authors report the results of years of research testing the basic propositions of economic theory on animals, primarily rats and pigeons....Who should read this book? As indicated previously it can be read profitably by students in introductory courses. Any economist willing to consider truly original and creative applications of economic theory and experimental methodology should be intrigued by this book....one cannot help but marvel at the ability of a theory which was developed by introspective consideration of how we make choices to explain complicated behavior of other species." David Grether, Journal of Economic Literature
Book Description
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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Front Cover | Front Flap | Table of Contents | First Pages | Index | Back Flap | Back Cover | Surprise Me!
Inside This Book
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First Sentence:
Choices of economic agents - consumer-demand labor-supply behavior, choice under uncertainty - are central to the study of economics and to the performance of economic institutions. Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
surplus resource conditions, random behavior models, baseline wage rate, money deciders, more certain alternative, representative consumer hypothesis, quinine consumption, welfare trap hypothesis, unit probability triangle, compensated wage changes, marginal capture rate, linear expenditure model, commodity whose relative price, compensated price changes, baseline earnings, probability learning experiments, binding time constraint, melioration theory, compensated wage increases, goods deciders, food payoffs, given experimental session, matching law, economic choice theory, average capture rate Key Phrases - Capitalized Phrases (CAPs): (learn more)
Tom Collins, Quantity of Quinine New!
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Front Cover | Front Flap | Table of Contents | First Pages | Index | Back Flap | Back Cover | Surprise Me!
Choices of economic agents - consumer-demand labor-supply behavior, choice under uncertainty - are central to the study of economics and to the performance of economic institutions. Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
surplus resource conditions, random behavior models, baseline wage rate, money deciders, more certain alternative, representative consumer hypothesis, quinine consumption, welfare trap hypothesis, unit probability triangle, compensated wage changes, marginal capture rate, linear expenditure model, commodity whose relative price, compensated price changes, baseline earnings, probability learning experiments, binding time constraint, melioration theory, compensated wage increases, goods deciders, food payoffs, given experimental session, matching law, economic choice theory, average capture rate Key Phrases - Capitalized Phrases (CAPs): (learn more)
Tom Collins, Quantity of Quinine New!
Books on Related Topics | Concordance | Text Stats Browse Sample Pages:
Front Cover | Front Flap | Table of Contents | First Pages | Index | Back Flap | Back Cover | Surprise Me!
Citations (learn more)
This book cites 14
books:
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8
books
cite this book:
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- Studyguide for Social Psychology by Taylor, ISBN 9780130990068 (Cram101 Textbook Outlines) by Cram101 Textbook Reviews in Back Matter
- Experimental Economics (Schools of Thought in Economics) by Vernon L. Smith in Back Matter
- Physiology Behavior S/G in Back Matter
- Schedules of Reinforcement (B. F. Skinner Reprint Series) by Charles B. Ferster on page 86
- The Handbook of Experimental Economics by John H. Kagel in Back Matter
See all 14 books this book cites
- The Economics of Household Behavior by Peter Kooreman in Back Matter
- Consumer Behaviour Analys V2 (Critical Perspectives on Business and Management) by Gordon Foxall on page 250
- Consumer Behaviour Analys V1 by Gordon Foxall in Front Matter
- Economics and Utopia: Why the Learning Economy is Not the End of History (Economics as Social Theory) by Geoffrey M Hodgson in Back Matter
- Politics and the Architecture of Choice: Bounded Rationality and Governance by Bryan D. Jones in Back Matter
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