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Al Roth's Nobel Surprise Call
- Al Roth received a surprise call at 3 AM from the Nobel Committee informing him he'd won the prize in economics.
- Despite the shock, he handled a press conference and even taught a class the same day.
Nature of Matching Markets
- Matching markets occur where money doesn't determine matches, requiring both parties to choose each other.
- Examples include job markets, school admissions, and organ donations, where money alone can't allocate supply and demand.
Origins of Medical Resident Match
- Hospitals competed to hire future doctors sometimes years before graduation, creating a chaotic hiring process.
- The 1952 National Resident Matching Program centralized and improved this hiring system using rank-order preferences.