- Hardcover: 230 pages
- Publisher: The Free Press; illustrated edition edition (1 Dec 1991)
- Language English
- ISBN-10: 0029324653
- ISBN-13: 978-0029324653
- Product Dimensions: 23.6 x 15.5 x 2.5 cm
- Average Customer Review: 4.2 out of 5 stars See all reviews (4 customer reviews)
- Amazon Bestsellers Rank: 3,764,485 in Books (See Top 100 in Books)
- See Complete Table of Contents
The Winner's Curse: Paradoxes and Anomalies of Economic Life
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Review
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 --This text refers to the Paperback edition.
Richard Thaler ... stylishly recounts empirical findings that skewer hitherto sheltered economic beliefs. -- Lola L. Lopes, Contemporary Psychology --This text refers to the Paperback edition.
Product Description
The rationale of economics has come to dominate political and institutional life in recent years. However, many economic assumptions have received only scant study. This book examines the many anomalies that abound in even simple economic transactions.
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First Sentence
A friend of yours is the Chairman of the Acme Oil Company. Read the first page
Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
A friend of yours is the Chairman of the Acme Oil Company. Read the first page
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Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
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Most Helpful Customer Reviews
4 of 4 people found the following review helpful
Format:Paperback
This book has some profound insights into the psychology behind economic behaviour and explains a number of the paradoxes of the world of finance and investment. However, I have two issues with it. One: Thaler makes few concessions to those with no understanding of economics or psychology. Two: He continually refers to the sources material from which he draws his conclusions, which breaks the flow. These characteristics make the book pretty heavy going, but if an understanding what makes the world of finance tick is important to you then you a must read it. Just don't expect it to be easy.
6 of 7 people found the following review helpful
Format:Paperback
We highly recommend this classic of economic literature, one of the first (more or less) accessible presentations of the evidence against economic rationality. Economists have assumed, conventionally, that economic choice rests on a foundation of rationality. For instance, economists tend to think that people will put the same value on two mathematically identical offers. Yet laboratory experiments have proven what everyday experience suggests: people are not quite rational. Author Richard H. Thaler, a founding father of behavioral economics, presents convincing exhibits to make the case that the assumption of economic rationality is an awfully big pill to swallow. Stylistically, his book strikes a neat balance between accessibility and obscurity. A reader will need a certain amount of schooling in economics and a great deal of patience with academic prose to wade through every word of every chapter, although the payoff is substantial. However, it is possible for the impatient reader to get the gist by reading the introduction, the first page or two of each chapter and the epilogue. And even that is eminently worthwhile.
Format:Paperback
Because i worked in a casino for many years a friend lent me this book to answer some of the questions i had about peoples gambling behavior. This book has brought together many studies to answer the problems we can all see but still struggle with.
As with other scientfic books unfortunately, it reads like a manual. If they author had just collaborated with a story teller you would have a great read.
As with other scientfic books unfortunately, it reads like a manual. If they author had just collaborated with a story teller you would have a great read.
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