Curious Minds at Work

CM 318: Judd Kessler on How to Get More of What You Want

13 snips
May 2, 2026
Judd Kessler, a University of Pennsylvania economist and author of Lucky by Design, studies hidden markets and how scarce resources get allocated. He explains what hidden markets are and contrasts visible vs hidden allocation. He breaks down market design principles like equity, efficiency, and ease. He also covers strategies such as lotteries, waiting lists, ranked choices, and when to be strategic versus honest.
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ANECDOTE

Beijing License Plate Lottery Example

  • Beijing used a license plate lottery to limit cars and treat applicants equally before winners are chosen.
  • Kessler notes lotteries succeed ex-ante for fairness but fail ex-post since winners and losers emerge after allocation.
ADVICE

Recognize Races And Invest In Speed

  • Identify when a contest is a race and prepare accordingly by showing up early and investing in speed.
  • For online reservations or vaccine slots, Kessler recommends high-speed internet and rehearsing the interface to click faster.
ADVICE

Settle For Silver When Competition Is High

  • Consider settling for silver by choosing a less-contested option to raise your odds of success.
  • Kessler illustrates with parking and restaurant reservations: weigh how much worse the second choice is versus competition for gold.
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