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The Winner's Curse By Richard H. Thaler

The Winner's Curse

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Challenges the received economic wisdom by revealing many of the paradoxes that abound even in the most painstakingly constructed transactions. The author presents literate, challenging, and often funny examples of such anomalies as why the winners at auctions are often the real losers - they pay too much and suffer the "winner's curse".
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The Winner's Curse Summary


The Winner's Curse: Paradoxes and Anomalies of Economic Life by Richard H. Thaler

Richard Thaler challenges the received economic wisdom by revealing many of the paradoxes that abound even in the most painstakingly constructed transactions. He presents literate, challenging, and often funny examples of such anomalies as why the winners at auctions are often the real losers--they pay too much and suffer the "winner's curse"--why gamblers bet on long shots at the end of a losing day, why shoppers will save on one appliance only to pass up the identical savings on another, and why sports fans who wouldn't pay more than $200 for a Super Bowl ticket wouldn't sell one they own for less than $400. He also demonstrates that markets do not always operate with the traplike efficiency we impute to them. An ebook edition is available from The Free Press at leading on-line booksellers.

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The Winner's Curse Reviews


"By unraveling a series of real-world puzzles with philosophical and practical implications, Thaler illuminates some fairly abstruse ideas in an entertaining way... The best minds in economics today, as Thaler's provocative book suggests, are trying to supplement [insights into markets and prices] with a broader understanding of what makes people tick."--Christopher Farrell, Business Week "Richard Thaler ... stylishly recounts empirical findings that skewer hitherto sheltered economic beliefs."--Lola L. Lopes, Contemporary Psychology

About Richard H. Thaler


Richard H. Thaler, the winner of the 2017 Nobel Prize in economics, is the Charles R. Walgreen Distinguished Service Professor of Behavioral Science and Economics at the University of Chicago Booth School of Business.

Table of Contents


Acknowledgments1Introduction12Cooperation63The Ultimatum Game214Interindustry Wage Differentials365The Winner's Curse506The Endowment Effect, Loss Aversion, and Status Quo Bias637Preference Reversals798Intertemporal Choice929Savings, Fungibility, and Mental Accounts10710Pari-mutuel Betting Markets12211Calendar Effects in the Stock Market13912A Mean Reverting Walk Down Wall Street15113Closed-End Mutual Funds16814Foreign Exchange18215Epilogue197References199Index225

Additional information

GOR003375326
The Winner's Curse: Paradoxes and Anomalies of Economic Life by Richard H. Thaler
Richard H. Thaler
Used - Very Good
Paperback
Princeton University Press
1994-01-10
240
0691019347
9780691019345
N/A
Book picture is for illustrative purposes only, actual binding, cover or edition may vary.
This is a used book - there is no escaping the fact it has been read by someone else and it will show signs of wear and previous use. Overall we expect it to be in very good condition, but if you are not entirely satisfied please get in touch with us.