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.
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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. 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, even promote, the happiness of others.From Library Journal:
An economic anomaly occurs when there is a difference between how standard economic theory predicts people should behave and how people actually behave. Thaler examines a number of these situations that occur in the real world and experimentally. Although everyone will recognize these situations, unfortunately much of his discussion will not be accessible to non-economists. Economists will find this an intriguing work that provides excellent reviews of some of the most recent economic research. Consequently this volume would be appropriate for libraries at universities with graduate programs in economics.
-Richard C. Schiming, Mankato State Univ., Minn.
Copyright 1991 Reed Business Information, Inc.
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Book Description Free Press, 1991. Hardcover. Book Condition: New. Bookseller Inventory # mon0000161780
Book Description Free Press, 1991. Hardcover. Book Condition: New. Bookseller Inventory # P110029324653
Book Description Free Press. Hardcover. Book Condition: New. 0029324653 New Condition. Bookseller Inventory # NEW6.0007684
Book Description Free Press, 1991. Hardcover. Book Condition: New. book. Bookseller Inventory # 29324653
Book Description Free Press, 1991. Hardcover. Book Condition: New. book. Bookseller Inventory # 0029324653
Book Description Book Condition: Brand New. Book Condition: Brand New. Bookseller Inventory # 97800293246531.0
Book Description Free Press, 1991. Hardcover. Book Condition: New. Bookseller Inventory # DADAX0029324653