The effects of earning and losing tokens on the disruptive behavior of 12 first‐grade students were evaluated under symmetrical contingencies of earn and loss. Both contingencies produced decreases in disruptive behavior. For some participants, more consistent decreases were observed during the loss contingency. In addition, participants generally earned or kept more tokens during the loss contingency. When offered a choice of contingencies, most participants preferred the loss contingency. The results showed some consistency with behavioral economic principles of loss aversion and the endowment effect.