What you need to know about hidden markets to get lucky in love, work, and life

Judd Kessler, an award-winning professor of economics at the Wharton School of the University of Pennsylvania, shares five key insights from his new book, Lucky by Design. The book explores the concept of hidden markets that quietly decide who gets what, and how learning their rules can give individuals a competitive edge. Kessler explains that life is full of these hidden markets, and understanding how they work is crucial to getting what you want. He notes that economists think of the world as a collection of markets, where people try to get something they want, but scarcity often gets in the way. Kessler distinguishes between visible markets, which use prices to decide who gets what, and hidden markets, which do not rely on prices. He emphasizes the importance of learning the market rules, which can take many forms, such as first-come, first-served, lotteries, or centralized clearinghouses. Kessler also discusses various strategies for succeeding in hidden markets, including settling for silver, double dipping, and multi-listing. Additionally, he highlights the role of individuals as market designers, who can create rules for their own hidden markets, such as allocating time and attention or household resources. By understanding and designing these markets effectively, individuals can prioritize efficiency, equity, and ease, and get more of what they want. Overall, Kessler's insights offer a new perspective on how to navigate the complex world of hidden markets and achieve success.