An augmented Becker–DeGroot–Marschak mechanism for transaction cycles
We introduce an augmented Becker–DeGroot–Marschak mechanism for the revelation of willingness-to-accept and willingness-to-pay in transaction cycles. The mechanism can be used to test for a behavioral anomaly.
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- Knetsch, Jack L, 1989. "The Endowment Effect and Evidence of Nonreversible Indifference Curves," American Economic Review, American Economic Association, vol. 79(5), pages 1277-84, December.
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