Becker–DeGroot–Marschak method
id:
becker-degroot-marschak-method-0-8420892
title:
Becker–DeGroot–Marschak method
text:
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). 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 s
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encyclopedia
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https://en.wikipedia.org/wiki/Becker%E2%80%93DeGroot%E2%80%93Marschak_method
date created:
date modified:
2022-02-24T18:23:52Z
main entity:
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