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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.
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Subjects
Economics, Miscellanea, Paradoxes, Economics--miscellanea, Hb199 .t47 1991, 330Edition | Availability |
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1
The winner's curse: paradoxes and anomalies of economic life
1992, Princeton University Press
in English
0691019347 9780691019345
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2
The winner's curse: paradoxes and anomalies of economic life
1992, Free Press, Maxwell Macmillan Canada, Maxwell Macmillan International
in English
0029324653 9780029324653
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Book Details
Edition Notes
Includes bibliographical references (p. 199-223) and index.
"A Russell Sage Foundation book."
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