Winner's Curse: Paradoxes and Anomalies of Economic Life / Edition 1

Winner's Curse: Paradoxes and Anomalies of Economic Life / Edition 1

by Richard H. Thaler
ISBN-10:
0691019347
ISBN-13:
2900691019344
Pub. Date:
01/10/1994
Publisher:
Princeton University Press
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Overview

Winner's Curse: Paradoxes and Anomalies of Economic Life / Edition 1

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.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: 2900691019344
Publisher: Princeton University Press
Publication date: 01/10/1994
Edition description: Reprint
Pages: 240
Product dimensions: 6.11(w) x 9.19(h) x 0.62(d)

Table of Contents

Acknowledgments

1 Introduction

2 Cooperation

3 The Ultimatum Game

4 Interindustry Wage Differentials

5 The Winner's Curse

6 The Endowment Effect, Loss Aversion, and Status Quo Bias

7 Preference Reversals

8 Intertemporal Choice

9 Savings, Fungibility, and Mental Accounts

10 Pari-mutuel Betting Markets

11 Calendar Effects in the Stock Market

12 A Mean Reverting Walk Down Wall Street

13 Closed-End Mutual Funds

14 Foreign Exchange

15 Epilogue

References

Index

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