Who gets what and why book
NPR Choice pageA 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. It is indeed quite ezoteric in its expressions.
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Who Gets What — and Why: The New Economics of Matchmaking and Market Design
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.
All Rights Reserved. To understand the many ways in which markets fail, we must begin even before the beginning. Most Nobels in economics, after all, are awarded for accomplishments that are too arcane for mere mortals to comprehend. And even the prize winners who do have something pressing to say to the public can rarely write their way out of that proverbial paper bag. While he was really trained as a mathematician his PhD is in a discipline called operations research , Roth's vision has never strayed far from the practical. And he's a natural-born writer to boot.
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Alvin 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. Mellon professor of economics at the University of Pittsburgh.
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. He argues that economists should be more like engineers and think carefully about designing well-functioning markets. One example that Mr Roth describes in his book is the clearing-house that matches American medical students to their residency programmes in hospitals.