Mike Luca reviews Judd Kessler's "Lucky by design" in the WSJ

 In the WSJ, Mike Luca has a good book review of Judd Kessler's "Lucky by Design".  

‘Lucky by Design’ Review: The Game of Getting More
Costly signals can help with college admissions and hiring. Visiting a campus or attending a meeting in person demonstrate commitment.  By Michael Luca 

"In “Lucky by Design,” Judd Kessler turns over the cards in often-hidden markets, offering advice on topics from standing out in a job hunt to getting a dinner reservation at an in-demand restaurant. Mr. Kessler, a professor of business economics and public policy at Wharton, notes that these systems frequently “allocate valuable, scarce resources without relying on prices” and that the criteria “are not always obvious or visible the way that prices are.”

Mr. Kessler’s premise is that we can make our own luck by understanding the rules of a system and navigating the process accordingly. Take sign-ups for popular children’s activities such as summer camps or after-school programs, which are often offered on a first-come, first-served basis. Mr. Kessler advises that the key in these situations is to “recognize that you are in a race” and “be there, ready to sprint, when the starting gun goes off.” He suggests reading between the lines: If an email offers a starting time for sign-ups, but no end time, it may be because organizers expect things to go quickly, suggesting it’s time to lace up. 

... 

"What’s good for individuals need not be good for the system overall. Mr. Kessler recounts how, when traveling by plane, he and his wife used to book the aisle and window seats in the same row, hoping the middle seat would remain empty but offering to trade for the aisle seat if someone showed up: a clever hack for one group, but one that would get complicated quickly if everyone did that.

"An overemphasis on winning risks rewarding the vigilant while exhausting everyone. Constant sprinting also risks crowding out time for quiet reflection. Mr. Kessler offers a helpful release valve he calls “settling for silver,” a strategy for stepping away from the fiercest competition. Sometimes the race is unavoidable, and it helps to know the quickest route. But the deeper question isn’t whether to sprint harder or settle sooner; it’s defining for ourselves what the prize is and what will actually bring us joy and fulfillment in life. After all, as Mr. Kessler writes, “the fact that we have different preferences is what makes markets—and life—more exciting.”