Podcast

Navigate Hidden Markets With Judd Kessler – TWMJ #1015

Welcome to episode #1015 of Thinking With Mitch Joel (formerly Six Pixels of Separation).

At a moment when scarcity shapes everything from opportunity to attention, understanding who gets what (and why) has become one of the most consequential questions in modern life. Judd Kessler is the inaugural Howard Marks Endowed Professor at the Wharton School of the University of Pennsylvania, an award-winning economist, and one of the leading thinkers in market design, public policy and behavioral economics. His research examines how rules, incentives, and institutional structures shape outcomes in environments where price alone cannot (or should not) decide allocation, from organ donation systems to education, labor markets, and beyond. Recognized early for his impact, Judd was named one of Forbes’ “30 Under 30” in Law and Policy for his work on organ allocation and received the Vernon L. Smith Ascending Scholar Prize in 2021. His first (and new) book, Lucky by Design – The Hidden Economics You Need to Get More of What You Want, distills years of research into how “hidden markets” – those governed by rules rather than prices – quietly determine access to jobs, schools, tickets, healthcare, and even relationships. Judd explores the mechanics of scarcity, the strategic role of lotteries, waiting lists, and signaling, and how individuals unknowingly participate in market design every day. He also examines how AI is beginning to reshape allocation systems, why visible markets increasingly contain hidden layers, and how better design can improve both efficiency and equity. Grounded in rigorous scholarship yet deeply practical, Judd’s work reframes luck not as randomness, but as something shaped by systems we can understand and sometimes redesign. Enjoy the conversation…

Running time: 57:59.
Hello from beautiful Montreal.
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Here is my conversation with Judd Kessler.
Lucky by Design – The Hidden Economics You Need to Get More of What You Want.
Follow Judd on LinkedIn.

Chapters:

(00:00) – Navigating Economic Sentiments.
(03:03) – Understanding Hidden Markets.
(06:11) – The Dynamics of Scarcity and Value.
(08:53) – The Role of Consultants in Hidden Markets.
(11:48) – Market Design and Equity.
(14:57) – Strategies for Market Participation.
(18:11) – The Impact of Social Proof on Demand.
(20:54) – Reimagining Market Structures.
(31:57) – Creating Scarcity and Demand.
(34:28) – Market Design and Allocation Strategies.
(36:39) – The Impact of Replicas and Knockoffs.
(46:44) – Hidden Markets: Positive or Negative?
(49:47) – AI in Market Design.
(59:01) – Becoming a Market Designer.

Download the Podcast here: #1015 of Thinking With Mitch Joel (formerly Six Pixels of Separation).

Before you go… ThinkersOne gives you direct access to the experts shaping tomorrow’s conversations. Get their insights on leadership, AI, culture and innovation all delivered to your team before the rest of the world catches on. Ideal for your meetings, off-sites, and lunch & learns.

Mitch Joel

Mitch Joel lives at the intersection of technology, business transformation and consumer culture. He is the Executive Director of Next Era Institute, a strategic intelligence platform helping leaders understand the forces reshaping business, technology, culture and society. The Institute identifies which shifts matter, explores their wider significance and translates them into strategic direction and momentum. Mitch is also a globally recognized keynote speaker. He has delivered thousands of presentations across both B2B and B2C industries to organizations including Google, Walmart, LEGO, Shopify, Microsoft, Procter & Gamble and Unilever. Strategy Magazine has called him “one of North America’s leading visionaries.” Mitch built his career by working directly inside the waves of change that reshaped modern business. He founded and built a digital marketing agency that worked with some of the world’s largest brands and was later acquired by WPP, where he served as President of a firm operating in 25 countries with almost 3,000 employees. Mitch is the bestselling author of Six Pixels of Separation and CTRL ALT Delete, and the host of Thinking With Mitch Joel, one of the longest-running business podcasts in the world. His writing and commentary appear in outlets including Harvard Business Review, Fast Company and Inc. Magazine. He is a member of Dr. Marshall Goldsmith’s 100 Coaches and was named to the Thinkers50 Radar. Mitch also hosts Groove – The No Treble Podcast, documenting the oral history of electric bass players. Mitch is also Co-Founder of ThinkersOne, a platform that enables companies to bring personalized thought leadership from world-class experts into meetings, events and off-sites in focused 15-minute bursts.