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Who Gets What _ and Why: The New Economics of Matchmaking and Market Design, by Alvin E. Roth
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“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
- Sales Rank: #107142 in Books
- Published on: 2016-06-07
- Released on: 2016-06-07
- Original language: English
- Number of items: 1
- Dimensions: 8.00" h x .70" w x 5.31" l, 1.00 pounds
- Binding: Paperback
- 272 pages
Review
“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
“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 jungle of modern life, pointing to the many markets that are hidden in plain view all around us. He teaches us how markets work—and fail—and how we can build better ones.” — Dan Ariely, author of Predictably Irrational and The Honest Truth About Dishonesty
“If you have a market you want to work better, Al Roth is your man. His new book is fun and compelling—social science at its best.” — N. Gregory Mankiw, Robert M. Beren Professor of Economics, Harvard University, and author of Principles of Economics
“In a book filled with wit, charm, common sense, and uncommon wisdom, Roth challenges traditional economics by emphasizing that markets can often be freer and work much better when they are governed by carefully chosen rules!” — Paul Milgrom, the Shirley and Leonard Ely Professor of Humanities and Sciences at Stanford University
“The corecipient of the 2012 Nobel Memorial Prize in Economic Sciences introduces what he calls the new economics of matchmaking and market design . . . Roth’s case studies illustrate how problems that obstruct successful matches can be identified economically and overcome . . . An exciting practical approach to economics that enables both individuals and institutions to achieve their goals without running afoul of the profit motive.” — Kirkus Reviews, starred review
“Practical as well as theoretical. Understanding how matching markets operate can help readers navigate them more effectively. A solid match for readers in general economics and business collections.” — Library Journal
From the Inside Flap
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.
From the Back Cover
“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
[AU PHOTO] ALVIN E. ROTH, PhD, is the McCaw Professor of Economics at Stanford University and is one of the world’s leading experts in the fields of market design and game theory. He was a corecipient of the 2012 Nobel Prize in Economics.
Most helpful customer reviews
2 of 2 people found the following review helpful.
A decent discussion relating to non-price competition
By Yoda
The below is a review of the MP3 audiobook version of this work
This book is an examination of matchmaking in markets where conventional price making does not apply. For example in the market for kidneys, on-line dating services, selection processes used in placing high school students in NY and Boston and universities in general and similar such markets. The book is interesting in many ways. One is the description that Dr. Roth provides on these markets that are so ignored in economics departments. He provides a decent discussion and analysis as to how they work. In addition he provides a discussion as to what variables affect them (i.e., depth of market, speed required for decision making, etc.) and how. Based on this readers can see what constitutes good and badly functioning markets in these areas. An excellent discussion of these, all the more important, as stated previously, that their existence is barely even mentioned in economics classes.
In addition, there is also some discussion relating to institutions and how they are important to well-functioning markets in these areas. This part of the book, however, is relatively weak. It is too short and hence lacks the really in-depth discussion that is really needed. This is also ironic in that the institutional structure of these markets is very important to their functioning.
Regarding the audiobook, its reader sounds very much like Dr. Roth. This includes his inflexions, tone, etc. It reminded me of him as I had him as a student. The reader probably attended a lecture or two of his.
In conclusion, a very good book for those interested in the functioning of non-price markets.
0 of 0 people found the following review helpful.
A treat for those intrigued by behavioral economics
By Heidi Thorne
When I studied economics, I thought it was incredible irrelevant in many ways. It just didn't match what I experienced and observed in the real world. Thankfully, since then, the field of behavioral economics has grown dramatically to help explain the reality of markets. That's why I found Dr. Roth's book very fascinating.
For some of the markets explored in the book, I felt I almost needed a scorecard to keep track of the "who gets what and why." Far from being a flaw in the writing, it truly illustrated just how complex some markets are... and how increasingly complex some of them are becoming. Pity the poor folks for whom these market situations are an everyday reality. (I especially had sympathy for the parents who had to make school choices for their children. Looked more akin to gambling!)
I think this book has some great insight for the some of the new "sharing" markets where money may not be a deciding factor.
It may not be quick read due to the extreme amount of explanation that was sometimes necessary to describe the various markets. But definitely a treat for those who like to dig into behavioral economic issues.
62 of 67 people found the following review helpful.
A surprisingly engaging book about markets for things that don't sell for money
By Neurasthenic
About 80% of this book is about the deferred acceptance algorithm, which is used in medical resident matching and public school choice matching among other things, though Roth avoids mentioning the algorithm by name or describing it until page 141. This leads to an odd narrative structure in which he writes about the problems in Boston public schools, then New York public schools, then gastroenterologist residencies, and assures us the problems all get solved, but he doesn't describe the solution and instead moves onto the next case study. It all comes together in chapter 8, but it seems Roth went to some lengths to push the solution as late in the text as possible. I think I understand why; this is a book of popular economics, and as such he wants to avoid alienating his potential market with equations or algorithms. It's structurally odd, though.
The book is worth reading for its vivid descriptions of the human damage wrought by disfunctional markets. Roth's discussion of federal judge clerkships was funny and perhaps a little sad, as we see how these paragons of "justice" can't be made to follow simple rules when it's in their rational self-interest to cheat.
Some passages seemed a little self-congratulatory, as the author describes his own work. I caught a couple of basic errors of fact, as in the bizarre assertion that Apple did not allow third party software development for the Macintosh computer. The last couple of chapters seem very rushed and only peripherally related to the book's main themes -- a couple of sentences on gay marriage, a couple of sentences on marijuana legalization, etc. Perhaps it would have been better for Roth just to have left this out.
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