Miniature Markets | Booth's iBid Course Auction and Carrel Lottery
Two fascinating cases of market design for grad students at UChicago. Bidding for classes At Booth, students enroll in courses through an auction system. The process runs across four stages — each a separate round of auction, with waitlist and drop-refund rules layered in. The bidding schedule for Fall 2025 quarter At the start, students are endowed with virtual currency (e.g. 8,000 Bid Points for new PhDs; returning students carry over 2,000 points per course completed)....