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

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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 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 ...
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The Free Press, A Division of Macmillian & Co., NY, 1992. First Printing with full number line. Nice clean copy with tight binding. DJ is VG. No creases or tears. Pages are ... criisp. Text is unmarked. No highlighting, underlining, or notes. Ships by USPS with Delivery Confirmation and Tracking Number. Your purchase will be securely packed for shipping--bubble wrapped and in a box. Conscientious customer service is our priority. Read more Show Less

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

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Overview

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. Thaler argues that recognizing these sometimes topsy-turvy facts of economic behavior will compel economists, as well as those of us who live by their lights in our jobs and organizations, to adopt a more balanced view of human nature, one reflected in Adam Smith's professed belief that, despite our selfishness, there is something in our nature that prompts us to enjoy, even promote, the happiness of others.
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Editorial Reviews

BusinessWeek
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
Contemporary Psychology
Richard Thaler ... stylishly recounts empirical findings that skewer hitherto sheltered economic beliefs.
— Lola L. Lopes
Business Week

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
BusinessWeek - Christopher Farrell
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.
Contemporary Psychology - Lola L. Lopes
Richard Thaler ... stylishly recounts empirical findings that skewer hitherto sheltered economic beliefs.
From the Publisher
"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

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Product Details

  • ISBN-13: 9780029324653
  • Publisher: Free Press
  • Publication date: 2/1/1991
  • Edition description: New Edition
  • Pages: 230
  • Product dimensions: 6.44 (w) x 9.57 (h) x 0.96 (d)

Table of Contents

Acknowledgments
1 Introduction 1
2 Cooperation 6
3 The Ultimatum Game 21
4 Interindustry Wage Differentials 36
5 The Winner's Curse 50
6 The Endowment Effect, Loss Aversion, and Status Quo Bias 63
7 Preference Reversals 79
8 Intertemporal Choice 92
9 Savings, Fungibility, and Mental Accounts 107
10 Pari-mutuel Betting Markets 122
11 Calendar Effects in the Stock Market 139
12 A Mean Reverting Walk Down Wall Street 151
13 Closed-End Mutual Funds 168
14 Foreign Exchange 182
15 Epilogue 197
References 199
Index 225
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