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Interpretation(s) of elasticity in operant demand
Author(s) -
Gilroy Shawn P.,
Kaplan Brent A.,
Reed Derek D.
Publication year - 2020
Publication title -
journal of the experimental analysis of behavior
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.75
H-Index - 61
eISSN - 1938-3711
pISSN - 0022-5002
DOI - 10.1002/jeab.610
Subject(s) - operant conditioning , elasticity (physics) , interpretation (philosophy) , mathematical economics , price elasticity of demand , exponential function , computer science , econometrics , mathematics , economics , psychology , microeconomics , social psychology , reinforcement , mathematical analysis , physics , thermodynamics , programming language
This brief report provides an account of varying interpretations of elasticity ( η ) in the operant demand framework. General references to “demand elasticity” have existed since the Exponential model of operant demand was proposed by Hursh and Silberberg (2008). This term has been used interchangeably with Essential Value (EV), P MAX , and the rate of change constant α . This report provides an in‐depth account of η and the various ways in which this metric has been used to interpret fitted demand functions. A review of relevant mathematic terms, operations associated with differentiating parameters, and worked solutions for η are provided for linear and nonlinear demand functions. The relations between η and EV, P MAX , and α are described and explained in terms of their mathematical bases and recommendations are provided regarding their individual interpretation. This report concludes with recommendations for providing additional mathematical detail in published works and emphasizing a consistent use of terms when describing aspects of operant demand.