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The Winner's Curse:
Paradoxes and Anomalies of Economic Life
Richard H. Thaler

Paperback | 1994 | $23.95 | £19.95 | ISBN: 9780691019345
240 pp. | 6 x 9 1/4
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Reviews | Table of Contents

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.


"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

Table of Contents:

1 Introduction 1
2 Cooperation 6
3 The Ultimatum Game 21
4 Interindustry Wage Differentials 36
5 The Winner's Curse 50
6 The Endowment Effect, Loss Aversion, and Status Quo Bias 63
7 Preference Reversals 79
8 Intertemporal Choice 92
9 Savings, Fungibility, and Mental Accounts 107
10 Pari-mutuel Betting Markets 122
11 Calendar Effects in the Stock Market 139
12 A Mean Reverting Walk Down Wall Street 151
13 Closed-End Mutual Funds 168
14 Foreign Exchange 182
15 Epilogue 197
References 199
Index 225

Another Princeton book authored or coauthored by Richard H. Thaler:

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File created: 7/11/2017

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