The Winner's Curse

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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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

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

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