The Winner's Curse
The Winner’s Curse challenges the received economic wisdom by revealing many of the paradoxes that abound even in the most painstakingly constructed transactions. It presents literate, challenging, and often funny examples of such anomalies as why the winners are often the real losers. This book also demonstrates that markets do not always operate with the traplike efficiency we impute to them.
"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