Matching and behavioral contrast were explored in an investment simulation with young adults who made repeated investments in two different markets that provided intermittent, non-predictable returns. In the first phase in which the markets provided equivalent returns, participants matched. In a second phase in which one market ceased to provide returns while the other market remained unchanged, participants showed behavioral contrast by decreasing investment in the non-producing market and dramatically increasing investing in the unchanged market. A third phase restored the original return rates and matching was observed. In a fourth phase, one market ceased to provide returns while the other market remained unchanged, and less robust evidence of behavioral contrast was found. These results replicate and extend previous research are one of the few demonstrations of behavioral contrast in adults, are consistent with matching theory and show that options are valued relatively, not absolutely. Copyright © 2015 John Wiley & Sons, Ltd.Operant behavioral economics initially analyzed basic laboratory experiments as economic systems (Hursh, 1980(Hursh, , 1984. This research program showed that fundamental economic concepts such as supply, demand, elasticity, labor, and income were characteristics of operant experiments, especially those examining schedules of reinforcement. Later, behavior analysts turned the tables and began to use operant concepts and methods to examine economic behavior and question some of the fundamental assumptions of classical economics (Herrnstein, 1990). This research program inspired two distinct, but related streams of research. One stream of research focuses on consumption decisions, generating a rapidly growing literature in consumer behavior analysis (e.g., Foxall, 2010; Hantula and Wells, 2013) including theoretical developments such as consumer behavioral ecology (Hantula, 2012;Wells, 2012) and the Behavioral Perspective Model (Foxall, 1990). Another stream of research focuses on financial decision-making, especially escalation of commitment ('throwing good money after bad') (Goltz, 1992(Goltz, , 1993(Goltz, , 1999Hantula and Crowell, 1994a;Bragger et al., 1998Bragger et al., , 2003Hantula and DeNicolis-Bragger, 1999;Brecher and Hantula, 2005), or in operant parlance, behavior during an extinction period. Both research streams have shown clearly that an operant analysis of economic behavior is a valid approach, which generates empirical and theoretical challenges to more mainstream accounts of both consumer and financial decision-making.The matching law (Herrnstein, 1970) played an important role in both of these streams of research. In its most basic form, the matching law predicts that behavior will be proportionate to its reinforcement; that is, the relative rate of responding will match the relative *Correspondence to: Department of Psychology, Temple University, Weiss Hall (265-67),