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.
He also demonstrates that markets do not always operate with the trap like efficiency we impute to them.
'Every now and then an economist writes a book that is both interesting and entertaining. Richard Thaler has done just that in The Winner's Curse.'
- Stanley W Angrist, Wall Street Journal
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