Matches in DBpedia 2016-04 for { <http://dbpedia.org/resource/Becker–DeGroot–Marschak_method> ?p ?o }
Showing triples 1 to 29 of
29
with 100 triples per page.
- Becker–DeGroot–Marschak_method abstract "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 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.In another common method, the subject is presented with a series of sequentially increasing or random-order monetary amounts. They must decide if they would prefer to have that amount of money or the item at hand. Then, one of these numbers is chosen either specifically by the experimenter or is randomly generated. If the chosen number is less than the amount of money at which the subject stated they would prefer the item, the subject must purchase the item.From the subject's perspective, the method is equivalent to a Vickrey auction against an unknown bidder. BDM's incentive compatibility relies on similar arguments to that of the Vickrey auction. There are some theoretical objections to the idea that the BDM is truly incentive-compatible, but it remains widely used. The BDM method is most widely used in experimental economics, but has also been used in the domains of agriculture and marketing.An early attempt at a BDM-type method was by Johann Wolfgang von Goethe. In 1797 he asked a publisher how much he would be willing to pay for his new poem Hermann and Dorothea and revealed that he had sent a sealed letter to his lawyer with a reserve amount. If the publisher's stated amount was greater than the reserve, the publisher just paid the reserve amount. Otherwise, the publisher did not receive the poem. Unfortunately, Goethe's lawyer divulged the reserve amount to the publisher so that the publisher's true willingness to pay was not revealed.".
- Becker–DeGroot–Marschak_method wikiPageID "13763889".
- Becker–DeGroot–Marschak_method wikiPageLength "4174".
- Becker–DeGroot–Marschak_method wikiPageOutDegree "10".
- Becker–DeGroot–Marschak_method wikiPageRevisionID "610187279".
- Becker–DeGroot–Marschak_method wikiPageWikiLink Category:Experimental_economics.
- Becker–DeGroot–Marschak_method wikiPageWikiLink Experimental_economics.
- Becker–DeGroot–Marschak_method wikiPageWikiLink Incentive_compatibility.
- Becker–DeGroot–Marschak_method wikiPageWikiLink Jacob_Marschak.
- Becker–DeGroot–Marschak_method wikiPageWikiLink Johann_Wolfgang_von_Goethe.
- Becker–DeGroot–Marschak_method wikiPageWikiLink Morris_H._DeGroot.
- Becker–DeGroot–Marschak_method wikiPageWikiLink Vickrey_auction.
- Becker–DeGroot–Marschak_method wikiPageWikiLink Willingness_to_accept.
- Becker–DeGroot–Marschak_method wikiPageWikiLinkText "Becker–DeGroot–Marschak method".
- Becker–DeGroot–Marschak_method wikiPageUsesTemplate Template:Econometrics-stub.
- Becker–DeGroot–Marschak_method wikiPageUsesTemplate Template:Reflist.
- Becker–DeGroot–Marschak_method subject Category:Experimental_economics.
- Becker–DeGroot–Marschak_method hypernym Procedure.
- Becker–DeGroot–Marschak_method type AnatomicalStructure.
- Becker–DeGroot–Marschak_method type Econometric.
- Becker–DeGroot–Marschak_method type Redirect.
- Becker–DeGroot–Marschak_method type Science.
- Becker–DeGroot–Marschak_method comment "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.".
- Becker–DeGroot–Marschak_method label "Becker–DeGroot–Marschak method".
- Becker–DeGroot–Marschak_method sameAs Q4878678.
- Becker–DeGroot–Marschak_method sameAs m.03chk2v.
- Becker–DeGroot–Marschak_method sameAs Q4878678.
- Becker–DeGroot–Marschak_method wasDerivedFrom Becker–DeGroot–Marschak_method?oldid=610187279.
- Becker–DeGroot–Marschak_method isPrimaryTopicOf Becker–DeGroot–Marschak_method.