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Blink 3 of 8 - The 5 AM Club
by Robin Sharma
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Who Gets What – and Why summary
Alvin Roth
The New Economics of Matchmaking and Market Design
11 mins
Brief summary
'Who Gets What – and Why' by Alvin Roth is an exploration of how matching mechanisms shape many aspects of our lives. From education to kidney donation, Roth uses real-world examples to show how matchmaking can lead to more efficient and fair outcomes.
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Who Gets What – and Why
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Key idea 1 of 5
Unlike classic commodity markets, matching markets are motivated by more than just prices.
Markets control everything, from the coffee you buy to the schools your children attend.
In a classic commodity market, price is the only factor determining who gets what. The mechanism here is simple: you decide what you want and, if you can afford it, you buy it.
Taking a step back, the term “commodities” refers to goods that can be bought and sold in batches, like bushels of wheat. Since each bushel is essentially identical to every other bushel, price is the key factor in deciding whether a customer buys one.
But some products can’t simply be classified as commodities. For instance, iPhones aren’t identical to every other smartphone in the market; therefore, someone who chooses to buy an iPhone over a Samsung Galaxy doesn’t base their decision solely on price, especially since the costs are comparable.
These so-called matching markets are complex. In the most sophisticated kinds of matching markets, both the buyer and the seller have to “choose” each other.
After all, you can’t buy a job at Google, nor can you buy a romantic relationship; in both cases, we’re dealing with matching markets.
To be clear, a market involves matching whenever price isn’t the sole determinant of who gets what. And in some cases – especially when dealing with scarce resources – money doesn’t even enter into the equation (think of kidney transplants or public school spaces).
The thing is, scarcity of resources can create problems for both buyers and sellers in matching markets. And in some cases, inadequate information can lead to bad matches.
These blinks will unpack these failures and advance some proposals on how to improve matching markets. So read on!
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What is Who Gets What – and Why about?
In Who Gets What – and Why (2015), Nobel Prize winner Alvin Roth brings his groundbreaking research on market design to a broader, nonspecialist audience, explaining how markets work, why they sometimes fail and what we can do to improve them. Using contemporary examples, Roth outlines the nonfinancial factors that shape markets and shows how we can make more informed marketplace decisions.
Who Gets What – and Why Review
Who Gets What – and Why (2015) by Alvin Roth is a fascinating exploration of the complex world of market design and matching theory. Here's why this book is worth reading:
- It offers insightful explanations of how markets function and how they can be improved, providing a fresh perspective on the world around us.
- Roth's use of real-life examples and case studies from various industries brings the concepts to life, making the book accessible and relatable.
- The book's thought-provoking insights on allocation methods and market design challenge our perceptions and encourage critical thinking, keeping readers engaged throughout.
Who should read Who Gets What – and Why?
- Anyone interested in how different economies function
- Business, government and community leaders responsible for designing efficient markets
- Anyone who wants to make better decisions in life, love and work
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Who Gets What – and Why FAQs
What is the main message of Who Gets What – and Why?
The main message of Who Gets What – and Why is that markets can be designed to allocate resources fairly and efficiently.
How long does it take to read Who Gets What – and Why?
The reading time for Who Gets What – and Why varies, but it typically takes a few hours. However, the Blinkist summary can be read in just 15 minutes.
Is Who Gets What – and Why a good book? Is it worth reading?
Who Gets What – and Why is a thought-provoking read that offers insights into how markets function. It's definitely worth reading.
Who is the author of Who Gets What – and Why?
The author of Who Gets What – and Why is Alvin Roth.
What to read after Who Gets What – and Why?
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