The Winner's Curse Author: Richard Thaler Publisher: CITIC Press

Introduction
The Winner's Curse is a classic work by Nobel Prize winner in Economics Richard Thaler, and a masterpiece about economic paradoxes and anomalies.
This book delves into various anomalies that are widely present in economic life, and uses easy-to-understand, challenging and interesting experiments and cases to illustrate some anomalies in life, such as: ○ The winners of auction bids often fail to achieve expected returns, and may even suffer losses. This is the "winner's curse" phenomenon; ○ The utility of giving up an item is greater than the utility of obtaining it. This is the "loss aversion" phenomenon; ○ A gambler, after losing all day, will go all out and bet on the target with the smallest chance of winning (largest odds); ○ When a person suddenly gets a small sum of money, he usually spends it immediately; when he gets a large sum of unexpected money, he tends to save it; ○ A football fan will pay a maximum of $200 for a ticket to a game, but when he is ready to sell the ticket, he wants to sell it for more than $400.
Based on this, Richard Thaler, the master of behavioral economics, analyzed these irrational decisions and the deep-seated reasons behind them. At the same time, he conducted a comprehensive and systematic analysis and research on behavioral economics phenomena in many fields such as ultimatum game, endowment effect, preference reversal, loss aversion, status quo bias, etc., and deeply combined the relevant research of behavioral economics and finance, so as to inspire readers' thinking and gain more benefits in personal consumption, corporate marketing, investment and financial management.
About the Author
Richard H. Thaler was born in 1945 and graduated from the University of Rochester with a Ph.D. in economics in 1974. He currently teaches at the University of Chicago Booth School of Business, where he is a professor of finance and behavioral science and director of the Center for Behavioral Decision Research. In addition, he also directs behavioral economics research at the National Bureau of Economic Research (NBER).
Professor Thaler's research focuses on interdisciplinary subjects such as social psychology and behavioral economics. He is recognized as a pioneer in the fields of behavioral economics and finance.
In 2015, Richard Thaler was elected president of the American Economic Association.
In 2017, Richard Thaler was awarded the Nobel Prize in Economics for his contributions to "behavioral economics".
His major works also include Wrong Behavior and the best-selling book Nudge, co-authored with Cass Sunstein.