Who gets what and why book
Alvin E. Roth - WikipediaA 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.
Who gets what — and why by A. E. Roth, summary & review
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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.
In Alvin E. He called it the economics of matchmaking. The first person to describe anything remotely similar was John Nash in his theory later called the Nash equilibrium. Alvin Roth develops experimental economics, works on market design and focuses on solving real-life problems using economic theories. This summary covers ideas from the book on how two-sided matchmaking is involved in the choice of an educational institution, job, spouse and even has its place in the world of organ transplantation.
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.