Explore the groundbreaking intersection of economics and psychology with Nobel Prize winner Richard Thaler and esteemed economist Alex Imas in this fully updated edition of The Winner’s Curse, a seminal work in behavioral economics.

The book that helped give rise to behavioral economics, now revisited and fully updated thirty years later by Nobel Prize–winning economist and bestselling author Richard H. Thaler and University of Chicago economist Alex Imas. The Winner’s Curse provocatively challenges the assumption that economics makes about how we live and make financial decisions, now updated with over 50% new material.

For decades, economics has operated under the assumption that individuals make rational choices, driven by self-interest and consistent preferences. Yet, as Thaler and Imas illustrate, the real world is rife with anomalies—instances where human behavior defies these rational expectations. The Winner’s Curse delves into these economic paradoxes, offering a fresh perspective on how and why these anomalies occur and how they have given rise to the field of behavioral economics.

With contributions from luminaries like Daniel Kahneman and George Loewenstein, this edition expands on the original insights. You will discover how these economic anomalies persist in modern times, influencing everything from consumer behavior to financial markets making it an essential read for anyone interested in understanding the true nature of decision-making in today’s economy.

Richard H. Thaler received the 2017 Nobel Prize in Economic Sciences. He is a distinguished professor of economics and behavioral science at the University of Chicago’s Booth School of Business and director of the University of Chicago’s Center for Decision Research. He is the New York Times bestselling coauthor of Nudge: Improving Decisions about Health, Wealth, and Happiness (with Cass Sunstein) and the author of Misbehaving and Quasi Rational Economics. He is also one in a rotating team of economists who writes for The New York Times “Economic View” column.

Alex O. Imas is an associate professor of behavioral science and economics at the University of Chicago. He is the recipient of the 2023 Alfred P. Sloan Research Fellowship, the Review of Financial Studies Rising Scholar Award, the New Investigator Award from the Behavioral Science and Policy Association, the Hillel Einhorn New Investigator Award from the Society of Judgment and Decision Making, the Distinguished CESifo Affiliate Award, and the NSF Graduate Research Fellowship. Previously, he was assistant professor of behavioral economics at Carnegie Mellon University.