In this webinar teachers will be able to:
- Understand the concepts of scarcity and choice
- Identify alternative methods for allocating scarce resources
- Explain how a scarce resource like kidneys are allocated under alternative scenarios
This video is available to view for EconEdLink members only.
This webinar introduces different methods that can be used to allocate scarce resources like concert tickets, college acceptances, and bottled water. In a market-based economy, most resources are allocated through the price mechanism, but ethical questions arise about whether prices should be used to allocate a scarce resource like kidneys. The current kidney exchange market is examined with a special emphasis on an innovative allocation strategy developed by economists.