Dirkjan: Created page with "=URL= http://en.wikipedia.org/wiki/Becker%E2%80%93DeGroot%E2%80%93Marschak_method =Description= The Becker–DeGroot–Marschak method (BDM), named after Gordon M. Becker, Mo..."

2020-08-25T08:14:49Z

Created page with "=URL= http://en.wikipedia.org/wiki/Becker%E2%80%93DeGroot%E2%80%93Marschak_method =Description= The Becker–DeGroot–Marschak method (BDM), named after Gordon M. Becker, Mo..."

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=URL=
http://en.wikipedia.org/wiki/Becker%E2%80%93DeGroot%E2%80%93Marschak_method

=Description=
The Becker–DeGroot–Marschak method (BDM), named after Gordon M. Becker, Morris H. DeGroot and Jacob Marschak for the 1964 Behavioral Science paper, "Measuring Utility by a Single-Response Sequential Method" is an incentive-compatible procedure used in experimental economics to measure willingness to pay (WTP).[1]

Today there are several variations of the BDM methodology. In one common way, the subject formulates a bid. The bid is compared to a price determined by a random number generator. If the subject's bid is greater than the price, he or she pays the price and receives the item being auctioned. If the subject's bid is lower than the price, he or she pays nothing and receives nothing.
[[Category:mbi]]

[[Category:bookmark]]

[[Category:marketing]]

[[Category:mbi]]

[[Category:pricing]]

Becker–DeGroot–Marschak method - Revision history

Dirkjan: Created page with "=URL= http://en.wikipedia.org/wiki/Becker%E2%80%93DeGroot%E2%80%93Marschak_method =Description= The Becker–DeGroot–Marschak method (BDM), named after Gordon M. Becker, Mo..."