When corresponding areas of the two eyes view dissimilar images, stable perception gives way to visual competition wherein perceptual awareness alternates between those images. Moreover, a given image can remain visually dominant for several seconds at a time even when the competing images are swapped between the eyes multiple times each second. This perceptual stability across eye swaps has led to the widespread belief that this unique form of visual competition, dubbed stimulus rivalry, is governed by eyeindependent neural processes at a purely binocular stage of cortical processing. We tested this idea by investigating the influence of stimulus rivalry on the buildup of the threshold elevation aftereffect, a form of contrast adaptation thought to transpire at early cortical stages that include eye-specific neural activity. Weaker threshold elevation aftereffects were observed when the adapting image was engaged in stimulus rivalry than when it was not, indicating diminished buildup of adaptation during stimulus-rivalry suppression. We then confirmed that this reduction occurred, in part, at eye-specific neural stages by showing that suppression of an image at a given moment specifically diminished adaptation associated with the eye viewing the image at that moment. Considered together, these results imply that eye-specific neural events at early cortical processing stages contribute to stimulus rivalry. We have developed a computational model of stimulus rivalry that successfully implements this idea.ambiguous stimuli | binocular rivalry | bistable perception | flicker-and-swap rivalry B inocular rivalry is a compelling form of perceptual bistability that is frequently touted as a potent tool for studying neural correlates of visual perception (1). In conventional binocular rivalry, an observer simultaneously views a dissimilar image with each eye for a prolonged period, resulting in a perceptual cycle during which the images alternately reach awareness for seconds at a time. In a highly influential paper, Logothetis et al. (2) demonstrated that yoking each image to a given eye is unnecessary. In a rivalry variant dubbed stimulus rivalry, the images are swapped rapidly and repetitively between the two eyes, yet periods of uninterrupted visibility still last several seconds, much longer than the brief durations that a given image is present in a given eye. This remarkable survival of image dominance across eye swaps is widely regarded as unassailable evidence that competition between eyeindependent neural representations, rather than between incompatible monocular neural signals, governs perception in stimulus rivalry (2-5). In this paper, we suggest a revision of this interpretation by demonstrating psychophysically that perception during stimulus rivalry is reflected in neural events at early, monocular processing stages and by presenting a concise computational model that includes competition between monocular representations as a key factor behind stimulus rivalry. Within the context of this model, the sus...