Who Gets What -- and Why: The New Economics of Matchmaking and Market Design

“In his fluent and accessible book, Mr. Roth vividly describes the successes of market design.” — Economist.com? “In this fascinating, often surprising book, Alvin Roth guides us through the jungles of modern life, pointing to the many markets that are hidden in plain view all around us.” — Dan Ariely, author of Predictably Irrational and The (Honest) Truth About Dishonesty Most of the study of economics deals with commodity markets, where the price of a good connects sellers and buyers. But what about other kinds of “goods,” like a spot in the Yale freshman class or a position at Google? If you’ve ever sought a job or hired someone, applied to college or guided your child into a good kindergarten, asked someone out on a date or been asked out, you’ve participated in a kind of market. This is the territory of matching markets, where “sellers” and “buyers” must choose each other, and price isn’t the only factor determining who gets what. In Who Gets What—and Why, Nobel laureate Alvin E. Roth reveals the matching markets hidden around us and shows us how to recognize a good match and make smarter, more confident decisions. “Mr. Roth’s work has been to discover the most efficient and equitable methods of matching, and implement them in the world. He writes with verve and style . . . Who Gets What—and Why is a pleasure to read.” — Wall Street Journal “A book filled with wit, charm, common sense, and uncommon wisdom.” — Paul Milgrom, professor of economics, Stanford University and Stanford Business School "A Nobel laureate reveals the often surprising rules that govern a vast array of activities -- both mundane and life-changing -- in which money may play little or no role. If you've ever sought a job or hired someone, applied to college or guided your child into a good kindergarten, asked someone out on a date or been asked out, you've participated in a kind of market. Most of the study of economics deals with commodity markets, where the price of a good connects sellers and buyers. But what about other kinds of "goods," like a spot in the Yale freshman class or a position at Google? This is the territory of matching markets, where "sellers" and "buyers" must choose each other, and price isn't the only factor determining who gets what. Alvin E. Roth is one of the world's leading experts on matching markets. He has even designed several of them, including the exchange that places medical students in residencies and the system that increases the number of kidney transplants by better matching donors to patients. In Who Gets What -- And Why, Roth reveals the matching markets hidden around us and shows how to recognize a good match and make smarter, more confident decisions"-- Provided by publisher "A Nobel laureate reveals the often surprising rules that govern a vast array of activities, both mundane and life-changing, in which money may play little or no role. If you've ever sought a job or hired someone, applied to college or guided your child into a good kindergarten, asked someone out on a date or been asked out, you've participated in a kind of market. Most of the study of economics deals with commodity markets, where the price of a good connects sellers and buyers. But what about other kinds of 'goods', like a spot in the Yale freshman class or a position at Google? This is the territory of matching markets, where "sellers" and "buyers" must choose each other, and price isn't the only factor determining who gets what. Alvin E. Roth is one of the world's leading experts on matching markets. He has even designed several of them, including the exchange that places medical students in residencies and the system that increases the number of kidney transplants by better matching donors to patients. In 'Who Gets What -- And Why', Roth reveals the matching markets hidden around us and shows how to recognize a good match and make smarter, more confident decisions"-- Del editor Part I. Markets are everywhere Introduction: every market tells a story Markets for breakfast and through the day Lifesaving changes Part II> Thwarted desires: how marketplaces fail Too soon Too fast: the greed for speed Congestion: why thicker needs to be quicker Too risky: trust, safety, and simplicity Part III. Design inventions to make markets smarter, thicker, and faster The match: strong medicine for new doctors Back to school Signaling Part IV. Forbidden markets and free markets Repugnant, forbidden... and designed Free markets and market design.