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    The Winner's Curse: Paradoxes and Anomalies of Economic Life (Paperback) By (author) Richard H. Thaler

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    DescriptionRichard 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. An ebook edition is available from The Free Press at leading on-line booksellers.


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    Title
    The Winner's Curse
    Subtitle
    Paradoxes and Anomalies of Economic Life
    Authors and contributors
    By (author) Richard H. Thaler
    Physical properties
    Format: Paperback
    Number of pages: 240
    Width: 152 mm
    Height: 229 mm
    Thickness: 16 mm
    Weight: 342 g
    Language
    English
    ISBN
    ISBN 13: 9780691019345
    ISBN 10: 0691019347
    Classifications

    B&T Book Type: NF
    BIC E4L: ECO
    Nielsen BookScan Product Class 3: S4.5
    LC subject heading:
    B&T Modifier: Region of Publication: 01
    BIC subject category V2: KCA
    B&T Modifier: Academic Level: 01
    LC subject heading:
    Ingram Theme: APPR/CLASSA
    Abridged Dewey: 330
    B&T General Subject: 180
    Ingram Subject Code: BE
    DC22: 330
    Libri: I-BE
    Warengruppen-Systematik des deutschen Buchhandels: 27830
    LC subject heading:
    LC classification: HB199.T47
    DC20: 330.1
    B&T Merchandise Category: UP
    B&T Approval Code: A45901100
    BISAC V2.8: BUS069030
    LC subject heading: ,
    LC classification: HB199 .T47 1992B
    LC subject heading:
    Thema V1.0: KCA
    Edition statement
    Reprint
    Illustrations note
    Ill.
    Publisher
    Princeton University Press
    Imprint name
    Princeton University Press
    Publication date
    30 January 1994
    Publication City/Country
    New Jersey
    Review quote
    "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
    Back cover copy
    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. Thaler argues that recognizing these sometimes topsy-turvy facts of economic behavior will compel economists, as well as those of us who live by their lights in our jobs and organizations, to adopt a more balanced view of human nature, one reflected in Adam Smith's professed belief that, despite our selfishness, there is something in our nature that prompts us to enjoy, even promote, the happiness of others.
    Table of contents
    Acknowledgments Introduction 2Cooperation 3The Ultimatum Game 4Interindustry Wage Differentials 5The Winner's Curse 6The Endowment Effect, Loss Aversion, and Status Quo Bias 7Preference Reversals 8Intertemporal Choice 9Savings, Fungibility, and Mental Accounts 10Pari-mutuel Betting Markets 11Calendar Effects in the Stock Market 12A Mean Reverting Walk Down Wall Street 13Closed-End Mutual Funds 14Foreign Exchange 15Epilogue References Index