Economic Choice Theory

This book details the results of the authors' research program using laboratory animals to experimentally investigate individual choice theory in economics. Economic models are compared to psychological and biological choice models along with the results of experiments sorted out between these competing explanations. 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.