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The Winner's Curse: Paradoxes and Anomalies of Economic Life
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 sho...more
Paperback, 240 pages
Published
January 10th 1994
by Princeton University Press
(first published 1991)
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Offers a lot of food for thought, although sometimes a bit dry. Thaler is better known now as the co-author of Nudge, but back in 1992 he compiled this book reviewing the current (at the time) economic literature regarding consistently reproducible examples of non-rational human behavior. It's not quite a popular economics book, as there are many passages where he simply details the findings of various economics papers, but it's also much more engagingly written than your standard academic treat...more
This books collects some of the papers that Richard H. Thaler authored with various colleagues in the "Anomalies" series of the Journal of Economic Perspectives over the period 1987-1990, investigating behaviours which could not be accounted for by the standard economics paradigm. In spite of the time that has gone by, many of the anomalies are still relevant today. Of the academic journals published by the American Economic Association, this is the one more oriented to a general readership, mak...more
Feb 07, 2009
Nic
added it
people are wierd
myself included
myself included
Probably the best single source if you want to explore the hot field of behavioral economics. Not overly technical, so very readable. If you liked [i]Freakonomics[/i], for instance, this would be a good follow-up.
An interesting tome on behavioral economics. Uses anomalies and paradoxes to argue for more nuanced models. Best of all, fairly accessible to the Economically Challenged.
May 18, 2008
aarjav
is currently reading it
Found via investigations into Obama http://www.tnr.com/politics/story.htm...
This book made me want to get a PhD in economics.
Have to plug your own teacher.
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I love your use of the Random Capitals.
Jun 04, 2008 09:27am