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

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

by Richard H. Thaler
     
 

ISBN-10: 0691019347

ISBN-13: 9780691019345

Pub. Date: 01/10/1994

Publisher: Princeton University Press

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

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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.

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Product Details

ISBN-13:
9780691019345
Publisher:
Princeton University Press
Publication date:
01/10/1994
Edition description:
Reprint
Pages:
240
Sales rank:
297,457
Product dimensions:
6.11(w) x 9.19(h) x 0.62(d)

Table of Contents

Acknowledgments
1Introduction1
2Cooperation6
3The Ultimatum Game21
4Interindustry Wage Differentials36
5The Winner's Curse50
6The Endowment Effect, Loss Aversion, and Status Quo Bias63
7Preference Reversals79
8Intertemporal Choice92
9Savings, Fungibility, and Mental Accounts107
10Pari-mutuel Betting Markets122
11Calendar Effects in the Stock Market139
12A Mean Reverting Walk Down Wall Street151
13Closed-End Mutual Funds168
14Foreign Exchange182
15Epilogue197
References199
Index225

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