Price’s equation describes evolution across time in simple mathematical terms. Although it is not a theory, but a derived identity, it is useful as an analytical tool. It affords lucid descriptions of genetic evolution, cultural evolution, and behavioral evolution (often called “selection by consequences”) at different levels (e.g., individual vs. group) and at different time scales (local and extended). The importance of the Price equation for behavior analysis lies in its ability to precisely restate selection by consequences, thereby restating, or even replacing, the law of effect. Beyond this, the equation may be useful whenever one regards ontogenetic behavioral change as evolutionary change, because it describes evolutionary change in abstract, general terms. As an analytical tool, the behavioral Price equation is an excellent aid in understanding how behavior changes within organisms’ lifetimes. For example, it illuminates evolution of response rate, analyses of choice in concurrent schedules, negative contingencies, and dilemmas of self‐control.