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Winner's Curse : Paradoxes and Anomalies of Economic Life (92 Edition)

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Synopses & Reviews

Publisher Comments:

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.

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

Synopsis:

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.

Table of Contents

Acknowledgments
1Introduction1
2Cooperation6
3The Ultimatum Game21
4Interindustry Wage Differentials36
5The Winner's Curse50
6The Endowment Effect, Loss Aversion, and Status Quo Bias63
7Preference Reversals79
8Intertemporal Choice92
9Savings, Fungibility, and Mental Accounts107
10Pari-mutuel Betting Markets122
11Calendar Effects in the Stock Market139
12A Mean Reverting Walk Down Wall Street151
13Closed-End Mutual Funds168
14Foreign Exchange182
15Epilogue197
References199
Index225

Product Details

ISBN:
9780691019345
Subtitle:
Paradoxes and Anomalies of Economic Life
Author:
Thaler, Richard H.
Publisher:
Princeton University Press
Location:
Princeton, N.J. :
Subject:
Economics
Subject:
Economics - Theory
Subject:
Paradoxes
Subject:
Economics - General
Subject:
Finance
Subject:
Economics -- Miscellanea.
Copyright:
Edition Description:
Trade paper
Series Volume:
5
Publication Date:
January 1994
Binding:
Electronic book text in proprietary or open standard format
Grade Level:
College/higher education:
Language:
English
Illustrations:
Yes
Pages:
240
Dimensions:
9 x 6 in 12 oz

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Related Subjects

Business » Business Law
History and Social Science » Economics » General
History and Social Science » Politics » United States » Foreign Policy
Religion » Comparative Religion » General

Winner's Curse : Paradoxes and Anomalies of Economic Life (92 Edition) New Trade Paper
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Product details 240 pages Princeton University Press - English 9780691019345 Reviews:
"Synopsis" by , 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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