review The Winners Curse: Paradoxes and Anomalies of Economic Life (English Edition) eBook : Thaler, Richard H.
Winner of the Nobel Memorial Prize in Economic Sciences 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 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. The Winners Curse: Paradoxes and Anomalies of Economic Life (English Edition) eBook : Thaler, Richard H.
rally enjoy Dick Thaler's books, this is excellent. The Winners Curse: Paradoxes and Anomalies of Economic Life (English Edition) eBook : Thaler, Richard H. Read this book 20 years ago and loved it then. just bought a copy for my nephew. The Winners Curse: Paradoxes and Anomalies of Economic Life (English Edition) eBook : Thaler, Richard H. This book is a little heavy on the math, which I enjoyed at times but at other times felt really lost and not too eager to go look up the referenced journal articles for the full explanation on the formulas used.The other benefit of all the math is it makes all the points that Thaler raises in this book much scientifically based. This book isn't pseudoscience.That said, it's not like this book is a math textbook. In the style of Freakonomics, (although the Winner's Curse was written about a decade earlier) Thaler just jumps from one cool behavioral economics example to the next.The thing from this book that stuck with me the most was the chapter on positive expected value lotteries. Apparently, they pop up every so often. Unfortunatley you need a billion dollar bankroll to take advantage of them, and I don't think Thaler included taxes when he was doing the expected value calculations, so they might not really exist at all. The Winners Curse: Paradoxes and Anomalies of Economic Life (English Edition) eBook : Thaler, Richard H. This is a dense, academic book. It is nowhere as accessible as Thaler's other books. This book, however, is where it all started. It is an edited compilation of articles he wrote at the early end of his career. These themes are all repeated and referred back to albeit in digestible pieces in his later books and even in Daniel Kahneman's Thinking Fast and Slow. The Winners Curse: Paradoxes and Anomalies of Economic Life (English Edition) eBook : Thaler, Richard H. It gives you a great overview of some of the strange inconsitencies in human behavior. It is than just a finance book and has many interesting stories that you can talk about with friends later. The Winners Curse: Paradoxes and Anomalies of Economic Life (English Edition) eBook : Thaler, Richard H.
