Maximizing Luck: Masters in Business with Judd Kessler

The podcast explores market design, focusing on how resources are allocated in unconventional markets. Judd Kessler, Wharton professor and author of "Lucky by Design," discusses how understanding hidden economic rules can improve outcomes in everyday situations, from securing restaurant reservations to navigating college admissions. Kessler highlights the importance of recognizing scarcity and competition, advocating strategies like settling for silver in high-demand scenarios. The conversation touches on organ donation, the Vietnam draft lottery, and live event tickets, illustrating how market design impacts equity, efficiency, and ease of access. Kessler also critiques first-come, first-served systems, suggesting lotteries with verified fan processes as a fairer alternative for ticket distribution.