In a talk on Tuesday, Nov. 4, Wharton economist Judd Kessler will pull back the curtain on the hidden markets that determine who gets what in everyday life. Author of “Lucky by Design: The Hidden Economics You Need to Get More of What You Want,” Kessler will speak at 4:30 p.m. in Lewis Auditorium in Goldwin Smith Hall. He will offer insights about how these markets work, how to maneuver in them and how to tip the scales in your favor.
According to Kessler, getting reservations at the hottest restaurants, receiving job offers, scoring spots in elite preschools and selective college, finding a soulmate on a dating app, or receiving a life-saving organ transplant are not matters of luck. But they also don’t rely on prices, unlike the familiar markets discussed in economics courses.
“In these types of hidden markets, what you get depends on the choices you make and the rules the market operates on,” said Ted O’Donoghue, Zubrow Professor of Economics in the College of Arts & Sciences and co-organizer of the event. “We’re fortunate to have Judd Kessler here to share his unique perspectives in maneuvering through such markets.”
“Judd Kessler gives us a different way to look at how to achieve our goals in the different marketplaces we encounter,” said event co-organizer Heather Schofield, assistant professor of applied economics and policy at the Samuel Curtis Johnson Graduate School of Management, part ofthe Cornell SC Johnson College of Business.
Kessler is the inaugural Howard Marks Endowed Professor at the Wharton School of the University of Pennsylvania. He received a B.A. in economics from Harvard University in 2004, an M.Phil. in economics from Cambridge University in 2005, and his Ph.D. in business economics from Harvard University in 2011.
In his research, Kessler uses a combination of laboratory and field experiments to answer questions in public economics, behavioral economics, and market design. He investigates the economic and psychological forces that motivate individuals to contribute to public goods, with applications including organ donation, worker effort, and charitable giving. He also investigates market design innovations, placing particular emphasis on bringing market design from theory to practice, with applications including course allocation and priority systems for organ allocation.
In 2021, Kessler was awarded the prestigious Vernon L. Smith Ascending Scholar Prize. For his work on organ allocation, Kessler was named one of the “30 under 30” in Law and Policy by Forbes. His research and writing have been featured in leading media, such as The New York Times, The Wall Street Journal, The Washington Post, Harvard Business Review, NPR, Hidden Brain and Freakonomics, among others.
The talk is co-sponsored by the Department of Economics in the College of Arts & Sciences and the Dyson School of Applied Economics and Management in the Cornell SC Johnson College of Business.
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