It is widely accepted that the binding constant of a receptor and ligand can be written as a two-body integral involving the interaction energy of the receptor and the ligand. Interestingly, however, three different theories of binding in the literature dictate three distinct integrals. The present study uses theory, as well as simulations of binding experiments, to test the validity of the three integrals. When binding is measured by a signal that detects the ligand in the binding site, the most accurate results are obtained by an integral of the Boltzmann factor, where the bound complex is defined in terms of an exclusive binding region. A novel prediction of this approach, that expanding a ligand can increase its binding constant, is borne out by the simulations. The simulations also show that abnormal binding isotherms can be obtained when the region over which the signal is detected deviates markedly from the exclusion zone. Interestingly, the binding constant measured by equilibrium dialysis, rather than by monitoring a localized signal, can yield a binding constant that differs from that obtained from a signal measurement, and that is matched best by the integral of the Mayer factor.