Lucky by Design by Judd Kessler

LUCKY BY DESIGN by Judd Kessler is subtitled “The Hidden Economics You Need to Get More of What You Want.” Kessler, Professor of Business Economics and Public Policy at the University of Pennsylvania's Wharton School, expounds upon his research about markets and scarce resources. Kessler spoke recently about his new book at a Family Action Network event. There, he explored ideas like getting a reservation at a popular restaurant or being admitted to an elite college. He indicated that it often serves one best to initially “settle for silver” to achieve a desirable outcome. Later, he stressed the importance of personal networking and signaling to the other side of a labor market or to a potential romantic partner that one is sincerely interested. Similar ideas are outlined in this text where, according to the author, “each chapter will provide guidance about how to play in certain types of markets and will arm you with a set of strategies to increase your chances of getting more of what you want from them.” In LUCKY BY DESIGN Kessler looks first at what he calls the three Es (having rules that are equitable, efficient, and easy). He then devotes chapters to different types of market rules: first come, first served; using a lottery; ranking preferences and so forth. While the findings are not especially surprising, this is an accessible text filled with multiple, everyday examples (like allocating household chores), often involving Kessler’s three children or the university academic environment with which he is most familiar. There is an excellent summary and an audio excerpt (read by the author) at the Next Big Idea Club website.