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

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dc.contributor.authorSchubert, Jens
dc.date.accessioned2023-04-13T20:16:36Z
dc.date.available2023-04-13T20:16:36Z
dc.date.issued2023
dc.descriptionThis article was originally published in Journal of Economics Teaching. The version of record is available at: https://doi.org/10.58311/jeconteach/7321c9244cc478b8a14e9f5b5350c9f2a08a7ed1
dc.description.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.
dc.identifier.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
dc.identifier.issn2690-506X
dc.identifier.urihttps://udspace.udel.edu/handle/19716/32646
dc.language.isoen_US
dc.publisherJournal of Economics Teaching
dc.titleUsing the Becker-DeGroot-Marschak Mechanism to Teach Willingness to Pay and Consumer Surplus
dc.typeArticle

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