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The Winner's Curse: Paradoxes and Anomalies of Economic Life
     

The Winner's Curse: Paradoxes and Anomalies of Economic Life

by Richard Thaler
 

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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

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