Abstract
To provide a prospective test of the predictive adequacy of the exponential model of demand (Hursh and Silberberg, Psych Rev 115(1):186-198, 2008). In Experiment 1, to measure the 'essential value' (the propensity to defend consumption with changes in price) of cocaine and food in a demand analysis (functional relation between price and consumption) by means of the exponential model; in Experiment 2, to test whether the model's systematic underestimation of cocaine consumption in Experiment 1 was due to weight loss; and in Experiment 3, to evaluate the effects of cocaine on the essential value of food. In Experiment 1, demand curves for food and cocaine were determined by measuring consumption of these goods in a multiple schedule over a range of fixed ratios; in Experiment 2, a demand curve for only cocaine was determined; and in Experiment 3, demand for food was determined in the absence of cocaine. In Experiment 1, the exponential equation accommodated high portions of variance for both curves, but systematically underestimated cocaine demand; in Experiment 2, this predictive underestimation of the equation was eliminated; and in Experiment 3, the essential value of food was greater than in Experiment 1. The exponential model of demand accommodated the data variance for all cocaine and food demand curves. Compared to food, cocaine is a good of lower essential value.
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
