The mechanisms of perceptual learning are analyzed theoretically, probed in an orientation-discrimination experiment involving a novel nonstationary context manipulation, and instantiated in a detailed computational model. Two hypotheses are examined: modification of early cortical representations versus task-specific selective reweighting. Representation modification seems neither functionally necessary nor implied by the available psychophysical and physiological evidence. Computer simulations and mathematical analyses demonstrate the functional and empirical adequacy of selective reweighting as a perceptual learning mechanism. The stimulus images are processed by standard orientation- and frequency-tuned representational units, divisively normalized. Learning occurs only in the "read-out" connections to a decision unit; the stimulus representations never change. An incremental Hebbian rule tracks the task-dependent predictive value of each unit, thereby improving the signal-to-noise ratio of their weighted combination. Each abrupt change in the environmental statistics induces a switch cost in the learning curves as the system temporarily works with suboptimal weights.