Experimental Economics and the New Commodities Problem

Walter Diewert, Kevin Fox and Paul Schreyer

Review of Income and Wealth, 2022, vol. 68, issue 4, 895-905

Abstract: Brynjolfsson et al. (2019a) have used experimental economics to measure the welfare benefits of free commodities and to define an extended measure of output, GDP‐B. In this paper, their methodological approach is generalized to measuring the benefits of new commodities which may or may not be free. Their approach leads to a new method for estimating Hicksian reservation prices. The new methodology in the present paper requires experimental estimates for household willingness to pay for new commodities or estimates for the compensation required for households to give up their use of a new commodity.

Date: 2022
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https://doi.org/10.1111/roiw.12544

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Working Paper: Experimental Economics and the New Commodities Problem (2019)
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