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WINNER'S CURSE: PARADOXES AND ANOMALIES OF ECONOMIC LIFE ebook

by Richard Thaler


The Winner's Curse book. Goodreads helps you keep track of books you want to read. Start by marking The Winner's Curse: Paradoxes and Anomalies of Economic Life as Want to Read: Want to Read saving.

The Winner's Curse book. Start by marking The Winner's Curse: Paradoxes and Anomalies of Economic Life as Want to Read: Want to Read savin. ant to Read.

Richard Thaler challenges the received economic wisdom by revealing many of the paradoxes that abound even in. .

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.

Richard Thaler challenges the received economic wisdom by revealing many of the paradoxes that abound even in the most painstakingly constructed transactions

Richard Thaler challenges the received economic wisdom by revealing many of the paradoxes that abound even in the most painstakingly constructed transactions 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

In the style of Freakonomics, (although the Winner's Curse was written about a decade earlier) Thaler just jumps from one . The thing from this book that stuck with me the most was the chapter on positive expected value lotteries.

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. Apparently, they pop up every so often. 5 people found this helpful.

The rationale of economics has come to dominate political and institutional life in recent years. However, many economic assumptions have received only scant study. This book examines the many anomalies that abound in even simple economic transactions. Publisher: Free Press.

Читайте The Winner's Curse (автор: Richard H. Thaler) бесплатно 30 дней в течении пробного . Richard Thaler challenges the received economic wisdom by revealing many of the paradoxes that abound even in the most painstakingly constructed transactions. Thaler) бесплатно 30 дней в течении пробного периода. Читайте книги и аудиокниги без ограничений в веб-браузере или на устройствах iPad, iPhone и Android.

Thaler, Richard H. 1992. The Winner's Curse: Paradoxes and Anomalies of Economic Life. Kahneman, . Knetsch, . Anomalies: The Endowment Effect, Loss Aversion, and Status Quo Bias. Journal of Economic Perspectives, 5(1), p. 93-206

Thaler, Richard H. Princeton: Princeton University Press. 93-206. Benartzi, S. and Thaler, .

Winner of the Nobel Memorial Prize in Economic Sciences Richard Thaler challenges the received economic .

Winner of the Nobel Memorial Prize in Economic Sciences Richard Thaler challenges the received economic wisdom by revealing many of the paradoxes that a. 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.

You have to expect things of yourself before you can do them. Materials for High Temperature Power Generation and Process Plant Applications. 59 MB·42,947 Downloads·New!

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

Электронная книга "The Winner's Curse: Paradoxes and Anomalies of Economic Life", Richard H. Эту книгу можно прочитать в Google Play Книгах на компьютере, а также на устройствах Android и iOS. Выделяйте текст, добавляйте закладки и делайте заметки, скачав книгу "The Winner's Curse: Paradoxes and Anomalies of Economic Life" для чтения в офлайн-режиме.

The rationale of economics has come to dominate political and institutional life in recent years. However, many economic assumptions have received only scant study. This book examines the many anomalies that abound in even simple economic transactions.
Fawrindhga
as an amateur economist grown increasingly dissatisfied w/ the failures of available theories, i was hopeful that this book would expound more on why markets fail. in some ways it did (in a very drab and boring language), although its coverage of financial markets (my interest) was all too brief and incomplete---the coverage of losers' outperformance of winners in equities was by far (IMHO) the best section of the book, but as good as that section was, the coverage of foreign exchange fluctuations was a failure. ---soros did a much better job of this.
there is some good material in this book, and i would give it 3 stars as a result, but the writing style makes it simply too inaccessible for the average reader. better financial market focus can be found in "reminisces of a stock operator" and "alchemy of finance", which really were accidental breakthroughs in behavioral finance (particularly the former--a gem of a book).
rhyno
Leceri
The "research" consists of gaming situations with very small groups, usually high school students with scenarios that do not begin to mimic real life economic decisions. Economics is a social science but this is not evident in this book which ignores the many social and psychological factors in consumer behavior.

The text is so detached from reality that having read it you will be no better able to make financial decisions at any level or predict those of others. Better to spend time talking to commission sales people to gain insights into consumer behavior.
Alsalar
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 more 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.
Wyameluna
The "Winners Curse" is a book about behavioral economics. It applies experimental human psychological studies to economic behavior. It consists of 14 chapters, each devoted to a different "anomaly" in economic behavior. The term anomaly is used by the author to denote behavior that runs counter to the assumptions of most theoretical economic models, which assume that people act in a rational and greedy manner. To me (not an economist), that anyone would base a theory on the assumptions of rational human behavior and that people are always greedy (seeking the maximum economic gain) is a bit irrational. It does not come as a surprise to me that people act irrationally and that they can sometimes act for the common good, instead of seeking maximum personal gain.

Each chapter starts with a brief hypothetical problem. Some are based on real problems, (such as playing the lottery, betting on horses, the calendar effect on stock market prices, foreign currency exchange problems, ...) or based on model games, (such as bargaining games, games where cooperation is required, auction games,....). The results of these experimental games and the statistical data on human behavior in real situations (such as stock market purchases) are then compared to the predictions of the theoretical models that assume rationality and greed. The point of the book is that it can be experimentally shown that people act irrationally (from an economic perspective) and can act in a manner that does not seek the maximum personal gain. The author does not believe that this spells the end for theoretical economic modeling, only that more psychological input is required.

This book is interesting, but in my opinion it is neither fish nor fowl. I do not think that it is rigorous enough to satisfy an economist, but is somewhat too complicated in spots for general readers. After the general statement of the problem there is a discussion of the experimental data that bears on the problem. This discussion can be hard for a non-economist (me) to follow at times. That said, I enjoyed book and got a lot of interesting information from it. I learned why it is sometimes a good deal (yielding a positive expected value) to play the lottery and what the most commonly chosen numbers are. The author also points out that this does not mean that you will win, only that if you and your descendants played at the correct times for a thousand years or so, you would eventually make more than what you would spend on tickets. In some situations it is thus favorable to buy tickets covering all the possible combinations, but you would need millions of dollars and a way to physically buy millions of tickets. I learned the best days to buy or sell a stock (at least statistically on which days the market tends to go up and on which it tends to go down).

By the way, the Winners Curse refers to the winner of an auction being cursed because the price paid was too high. I learned that with many bidders it is best to lower the maximum price that you are willing to pay. Unfortunately, doing this means that you will seldom get the item, but when you do succeed you will not be cursed by paying too much.

All in all, stick with it. If necessary, skip over some of the discussion of the experimental data and go to the concluding remarks for each chapter. I found it to be worth the effort.
Anayanis
"The Winner's Curse" is a collection of academic articles Richard Thaler wrote for academic literature. And while Thaler thinks like a good economist, unfortunately, he writes like a good economist (that is, badly). This is a helpful book if you are interested in a rigorous mathematical treatment of economic anomalies and have a more than cursory understanding of game theory. If not, check out Inevitable Illusions: How Mistakes of Reason Rule Our Minds instead.
WINNER'S CURSE: PARADOXES AND ANOMALIES OF ECONOMIC LIFE ebook
Author:
Richard Thaler
Category:
Economics
Subcat:
EPUB size:
1257 kb
FB2 size:
1438 kb
DJVU size:
1692 kb
Language:
Publisher:
Free Press (December 1, 1991)
Pages:
230 pages
Rating:
4.8
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