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… See more details below

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.

Product Details

ISBN-13:
9781451697872
Publisher:
Free Press
Publication date:
06/26/2012
Sold by:
SIMON & SCHUSTER
Format:
NOOK Book
Pages:
240
Sales rank:
1,115,691
File size:
1 MB

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