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Books : The Winner's Curse: Paradoxes and Anomalies of Economic Life .
Rating: 
- You have to dig to find the gold, but it is there
This book has some profound insights into the psychology behind economic behaviour and explains a number of the paradoxes of the world of finance and investment. However, I have two issues with it. One: Thaler makes few concessions to those with no understanding of economics or psychology. Two: He continually refers to the sources material from which he draws his conclusions, which breaks the flow. These characteristics make the book pretty heavy going, but if an understanding what makes the world of finance tick is important to you then you a must read it. Just don't expect it to be easy.
Rating:
- Highly Recommended!
We highly recommend this classic of economic literature, one of the first (more or less) accessible presentations of the evidence against economic rationality. Economists have assumed, conventionally, that economic choice rests on a foundation of rationality. For instance, economists tend to think that people will put the same value on two mathematically identical offers. Yet laboratory experiments have proven what everyday experience suggests: people are not quite rational. Author Richard H. Thaler, a founding father of behavioral economics, presents convincing exhibits to make the case that the assumption of economic rationality is an awfully big pill to swallow. Stylistically, his book strikes a neat balance between accessibility and obscurity. A reader will need a certain amount of schooling in economics and a great deal of patience with academic prose to wade through every word of every chapter, although the payoff is substantial. However, it is possible for the impatient reader to get the gist by reading the introduction, the first page or two of each chapter and the epilogue. And even that is eminently worthwhile.
Rating: - Interesting, useful and entertaining
This is a rich topic and Thaler is an acknowledged expert.
He writes very well and this book is accessable to anyone.
You do not need any knowledge of finance or economics to read and enjoy this book.
- You have to dig to find the gold, but it is thereThis book has some profound insights into the psychology behind economic behaviour and explains a number of the paradoxes of the world of finance and investment. However, I have two issues with it. One: Thaler makes few concessions to those with no understanding of economics or psychology. Two: He continually refers to the sources material from which he draws his conclusions, which breaks the flow. These characteristics make the book pretty heavy going, but if an understanding what makes the world of finance tick is important to you then you a must read it. Just don't expect it to be easy.
Rating:
- Highly Recommended!We highly recommend this classic of economic literature, one of the first (more or less) accessible presentations of the evidence against economic rationality. Economists have assumed, conventionally, that economic choice rests on a foundation of rationality. For instance, economists tend to think that people will put the same value on two mathematically identical offers. Yet laboratory experiments have proven what everyday experience suggests: people are not quite rational. Author Richard H. Thaler, a founding father of behavioral economics, presents convincing exhibits to make the case that the assumption of economic rationality is an awfully big pill to swallow. Stylistically, his book strikes a neat balance between accessibility and obscurity. A reader will need a certain amount of schooling in economics and a great deal of patience with academic prose to wade through every word of every chapter, although the payoff is substantial. However, it is possible for the impatient reader to get the gist by reading the introduction, the first page or two of each chapter and the epilogue. And even that is eminently worthwhile.
Rating:
- Interesting, useful and entertainingThis is a rich topic and Thaler is an acknowledged expert.
He writes very well and this book is accessable to anyone.
You do not need any knowledge of finance or economics to read and enjoy this book.
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