Economic Choice Theory: An Experimental Analysis of Animal Behavior

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.

"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