Using the Becker-DeGroot-Marschak Mechanism to Teach Willingness to Pay and Consumer Surplus

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Author(s)Schubert, Jens
Date Accessioned2023-04-13T20:16:36Z
Date Available2023-04-13T20:16:36Z
Publication Date2023
DescriptionThis article was originally published in Journal of Economics Teaching. The version of record is available at: https://doi.org/10.58311/jeconteach/7321c9244cc478b8a14e9f5b5350c9f2a08a7ed1
AbstractThe Becker DeGroot Marschak (BDM) mechanism is a widely-used technique to elicit subjects’ willingness to pay for ordinary consumer and environmental goods. In this article, I show an application of the BDM mechanism to teach the concepts of willingness to pay and consumer surplus in introductory economics classes. The procedure is easy to implement, even in courses with large enrollments, and it actively engages all students. Evidence suggests this technique improves learning outcomes.
CitationSchubert, J. (2023). Using the Becker-DeGroot-Marschak Mechanism to Teach Willingness to Pay and Consumer Surplus. Journal of Economics Teaching, 8(1), 1-11. DOI: 10.58311/jeconteach/7321c9244cc478b8a14e9f5b5350c9f2a08a7ed1
ISSN2690-506X
URLhttps://udspace.udel.edu/handle/19716/32646
Languageen_US
PublisherJournal of Economics Teaching
TitleUsing the Becker-DeGroot-Marschak Mechanism to Teach Willingness to Pay and Consumer Surplus
TypeArticle
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