The Winner's Curse: Paradoxes and Anomalies of Economic Life
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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
Richard Thaler ... stylishly recounts empirical findings that skewer hitherto sheltered economic beliefs. -- Lola L. Lopes, Contemporary Psychology
Product Description
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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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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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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