Who Gets What — and Why: The New Economics of Matchmaking and Market Design by Alvin E. RothAlvin Elliot Roth born December 18, is an American academic. He is the Craig and Susan McCaw professor of economics at Stanford University and the Gund professor of economics and business administration emeritus at Harvard University. Roth has made significant contributions to the fields of game theory , market design and experimental economics , and is known for his emphasis on applying economic theory to solutions for "real-world" problems. In , he won the Nobel Memorial Prize in Economic Sciences jointly with Lloyd Shapley "for the theory of stable allocations and the practice of market design". He then moved to Stanford University , receiving both his Master's and PhD also in Operations Research there in and respectively.
Alvin E. Roth
Appropriately, many markets, where mere mortals hustle and haggle, reflect his spontaneous nature. Whenever two people meet in the market and engage in a well-informed transaction free from coercion, they benefit from it. As long as these transactions do not hurt others, free exchange without government meddling makes the whole society better off. Yet for markets to work well, as Alvin Roth, a Stanford economist, argues in his new book, "Who gets what—and why" , they often require patient and intelligent design. Mr Roth has spent his career studying markets that are far from this ideal.
Using contemporary examples, Roth outlines the nonfinancial factors that shape markets and shows how we can make more informed marketplace decisions. In , Alvin E. Roth was awarded the Nobel Prize in Economics. Upgrade to Premium now and get unlimited access to the Blinkist library. The Blinkist app gives you the key ideas from a bestselling nonfiction book in just 15 minutes.
A market is generally thought of an abstract setting where demanded and offered amounts of a particular product or service are being traded. For instance, think about situations where resources are not or better not be allocated via a price mechanism, or situations where money alone is not enough to solve a problem. More concretely, Roth considers in particular the following cases: the assignment of children to schools, kidneys to patients, and interns to hospitals. And in all these situations Roth takes the reader to a wider world of markets, where the matching of the offering and demanding sides of the markets need more than the price mechanism. Market Design literature can be hard to grasp for outsiders and non-academics.
In Alvin E.
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Thank you! The co-recipient of the Nobel Memorial Prize in Economic Sciences introduces what he calls the new economics of matchmaking and market design. Different than profit-driven commodity markets, markets that make matches are fulfilling wants and needs that benefit individuals as well as society at large. Over time, solutions have been developed to deal with the associated logistical problems—e. The author bases his economics on the application of mathematical algorithms designed to improve chances of making matches successfully. He discusses how he helped both the New York City and Boston school systems find ways to improve matching students with desired schools while minimizing strategizing and gaming of the systems. An exciting practical approach to economics that enables both individuals and institutions to achieve their goals without running afoul of the profit motive.