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

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Binding: Paperback
Dewey Decimal Number: 330
EAN: 9780691019345
ISBN: 0691019347
Label: Princeton University Press
Manufacturer: Princeton University Press
Number Of Items: 1
Number Of Pages: 240
Publication Date: January 10, 1994
Publisher: Princeton University Press
Sales Rank: 139700
Studio: Princeton University Press

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Product Description:

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.

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- Very good seller. Shipped Quickly. Product in Great Condition.
The seller was prompt and the product was like new. What else can you ask for? Great transaction.

Rating:

- Very interesting
It gives you a great overview of some of the strange inconsitencies in human behavior. It is more than just a finance book and has many interesting stories that you can talk about with friends later.

Rating:

- Behavioral economics for the real world.
The "Winners Curse" is a book about behavioral economics. It applies experimental human psychological studies to economic behavior. It consists of 14 chapters, each devoted to a different "anomaly" in economic behavior. The term anomaly is used by the author to denote behavior that runs counter to the assumptions of most theoretical economic models, which assume that people act in a rational and greedy manner. To me (not an economist), that anyone would base a theory on the assumptions of rational human behavior and that people are always greedy (seeking the maximum economic gain) is a bit irrational. It does not come as a surprise to me that people act irrationally and that they can sometimes act for the common good, instead of seeking maximum personal gain.

Each chapter starts with a brief hypothetical problem. Some are based on real problems, (such as playing the lottery, betting on horses, ... Read More

Rating:

- Highly Recommended!
We highly recommend this classic of economic literature, one of the first (more or less) accessible presentations of the evidence against economic rationality. Economists have assumed, conventionally, that economic choice rests on a foundation of rationality. For instance, economists tend to think that people will put the same value on two mathematically identical offers. Yet laboratory experiments have proven what everyday experience suggests: people are not quite rational. Author Richard H. Thaler, a founding father of behavioral economics, presents convincing exhibits to make the case that the assumption of economic rationality is an awfully big pill to swallow. Stylistically, his book strikes a neat balance between accessibility and obscurity. A reader will need a certain amount of schooling in economics and a great deal of patience with academic prose to wade through every word of every chapter, although the payoff ... Read More

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