Construct · 1 fields · 1 citations

Becker-DeGroot-Marschak mechanism: a standalone construct

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Experimental economics

an incentive-compatible way to elicit a person's true valuation: they state a price, and a random price then decides whether they buy or sell.

In experimental economics, Becker-DeGroot-Marschak mechanism refers to an incentive-compatible way to elicit a person's true valuation: they state a price, and a random price then decides whether they buy or sell. This meaning comes from Becker (1964) in Behavioral Science.[1]

Unit
Recovery means
Measured by

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Nearby constructs

mechanism4 fields · 4 citationsjingle · one word, four constructs person3 fields · 6 citationsjingle · one word, three constructs state4 fields · 6 citationsjingle · one word, four constructs

References

Becker, G. M., Degroot, M. H., & Marschak, J. (1964). Measuring utility by a single-response sequential method. Behavioral Science, 9(3), 226-232. https://doi.org/10.1002/bs.3830090304

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