Economic Choice Theory :An Experimental Analysis of Animal Behavior

Publication subTitle :An Experimental Analysis of Animal Behavior

Author: John H. Kagel; Raymond C. Battalio; Leonard Green  

Publisher: Cambridge University Press‎

Publication year: 1995

E-ISBN: 9780511834462

P-ISBN(Paperback): 9780521454889

Subject: F014.5 accumulation and consumption

Keyword: 经济学

Language: ENG

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Economic Choice Theory

Description

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.

Chapter

2.1b The budget constraint and optimal choice

2.1c Income-compensated price changes

2.Id Income effects

2.1e Income-constant price changes

2.2 Experimental procedures

2.3 Income-compensated price changes: Tests of the fundamental law of demand

2.3a Essential-commodity experiments

2.3b Nonessential-commodity experiments

2.3c Substitutability and variability over time

2.4 Ordinary (uncompensated) price changes

2.4a Normal goods

2.4b Inferior/Giffen goods

2.5 The relationship of economic demand theory to optimal foraging theory

2.5a Predator's choice with food preferences

2.5b Predator's choice without food preferences: The marginal value theorem

2.5c Predator's choices without food preferences: Choosing between ratio schedules of reinforcement

2.6 Summing up

Appendix: The marginal value theorem with a time constraint

2A.I. The basic model

2A.2 Relation to the marginal value theorem

2A. 3. An application

Chapter 3 Commodity-choice behavior II: Tests of competing motivational processes and the representative consumer hypothesis

3.1 Random behavior models

3.1a Model specification

3.1b Initial test results

3.2 Matching law

3.2a Model specification

3.2b Successful applications of the matching law and related predictions from consumer-demand theory

3.2c Extensions of matching to qualitatively different reinforcers

3.3 Bliss points versus minimum needs

3.3a The generalized minimum-distance hypothesis

3.3b The generalized minimum-needs hypothesis

3.3c Test procedures

3.3d Test results

3.3e Summary and evaluation of competing motivational hypotheses

3.4 The representative consumer hypothesis

3.5 Incentive mechanisms: The case of brain stimulation

Chapater 4 Labor-supply behavior I: Initial tests of thetheory with some public policy implications

4.1 Labor-supply theory: Extending consumer-choice theory

4.1a The budget constraint

4. lb Indifference curves and optimal choice

4.1c Income-compensated wage changes

4.1 d Income-constant wage changes

4.2 Behavior in the laboratory: Results from prior studies

4.2a Backward-bending labor supply curves

4.2b Demand for income as a function of effort price

4.2c Responses to nominal wage-rate changes holding real wages constant

4.2d Choice between alternative jobs with differing wage rates

4.2e Effects of unearned income on labor supply

4.3 Income-compensated wage-changes: Procedures

4.3a Open versus closed economies

4.3b Income-compensated wage decreases with pigeon workers

4.3c Income-compensated wage decreases with rat workers

4.4 Income-compensated wage changes: Results

4.4a Income-compensated wage decreases

4.4b Income-compensated wage increases

4.5 Animal labor supply and the incentive effects of public welfare programs

4.5a Static considerations: Effects of a negative income tax

4.5b Dynamic considerations: The welfare trap hypothesis

4.6 Animal labor and supply-side economics

4.7 Summing up

Chapter 5 Labor-supply behavior II: Tests of competing motivational processes and earnings distribu-tions for animal workers

5.1 Random behavior models

5.2 The matching law

5.2a Matching and the shape of the labor-supply curve

5.2b Differential response rates on interval and ratio schedules of reinforcement

5.2c Concurrent VI-VR schedules

5.2d Progressive ratio schedules

5.3 Bliss points versus minimum needs

5.3a Some initial test results

5.3b Evidence for the possibility that both hypotheses work well

5.3c Further observations on the MN hypothesis

5.3d Postscript on the representative consumer hypothesis

5.4 Earnings distributions for animal workers

Chapter 6 Choices over uncertain outcomes

6.1 Decisions under uncertainty: Some basic concepts

6.1a First-degree stochastic dominance

6.1b Probability learning experiments: Tests of stochastic dominance

6.1 c Test of stochastic dominance using our discrete-trials choice procedures

6.2 Risk preferences over positive payoffs: Response to reward variability

6.2a Large variability payoffs

6.2b Low variability in payoffs and skewed distributions

6.3 Risk preferences under varying levels of resource availability

6.3a Responses to varying resource levels

6.3b Tests of competing motivational hypotheses

6.4 Tests of expected utility theory and the fanning-out hypothesis

6.4a Testing for Allais-type violations of expected utility theory

6.4b Tests of the fanning-out hypothesis

6.5 Risk preference in the face of aversive outcomes

6.5a Relationship to human's risk loving in the face of losses

6.6 Search and information acquisition in stochastic environments

Chapter 7 Intertemporal choice

7.1 Intertemporal choice theory: Basic economic concepts and their relationship to reinforce-ment theory

7.1a The standard economic model and its rela-tionship to the matching law

7.2 Reward size, delay, and choice

7.2a Experimental procedures

7.2b Experimental results and discussion

7.2c Implications of rejecting the standard economic model

7.2d Implications of positive discounting for opti-mal foraging: Constraint or adaptation?

7.3 Time bias under varying income levels: The cycle-of- poverty hypothesis

7.3a Experimental treatment conditions

7.3b Experimental results and discussion

7.4 Toward a more molecular theory: Multiperiod models of consumer choice

7.4a Structure of the model

7.4b Static behavioral relationships

7.4c Dynamic aspects of behavior

7.5 Time discounting in schedules of reinforcement: Responding on VI versus VR schedules and on progressive ratio schedules

7.6 Time discounting in applied behavioral research

7.6a. The effects of time on self-administered drug consumption

Chapter 8 Summing up

8.1 Tests of individual choice theory

8.2 Alternative explanations

8.3 Social policy implications

Bibliography

Index

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