We show how decentralized individual investments can efficiently allocate capital to innovating firms. We consider consumers with privately known but correlated consumption preferences who also act as investors. Consumers identify worthwhile investment opportunities based on their own preferences and invest in firms whose product they like. An efficient capital allocation is achieved if all gro...

An unbiased employer engages in optimal sequential search by drawing from two equally quali…ed subpopulations of job candidates who di¤er in their “discourse systems.” That is, minorities convey noisier unbiased signals of ability than non-minorities. We show that when the employer is selective, minorities are underrepresented in the workforce, …red at greater rates, and underrepresented among ...

Background: As suggested by the Minorities’ Diminished Returns (MDRs) theory, educational attainment shows a weaker protective effect for racial and ethnic minority groups compared to non-Hispanic Whites. This pattern, however, is never shown for hospitalization risk. Objectives: This cross-sectional study explored racial and ethnic variations in the asso...

Ethnic and racial disparities in mental health are driven by social factors such as housing, education, and income. Many of these social factors are different for minorities than they are for whites. Policies that address gaps in these social factors therefore can address mental health status disparities. We analyze three policies and their impact on minorities: the Individuals with Disability ...

Two studies investigated the implications of ethnic minorities' prejudice expectations for their affective and behavioral outcomes during interethnic interactions. In both studies, the more ethnic minorities expected Whites to be prejudiced, the more negative experiences they had during interethnic interactions. This finding held true for chronic prejudice expectations in a diary study of colle...

This Lecture begins with a puzzle about Albert Hirschman’s famous work, Exit, Voice, and Loyalty: Why do we make much of exit and voice but utterly neglect loyalty? It’s a question that goes well beyond Hirschman’s book. For example, much of constitutional theory is preoccupied with a single question: What does a democracy owe its minorities? And most of the answers to this question fit natural...

BACKGROUND Declining age at menarche has been observed in many countries. In China, a decrease of 4.5 months per decade in the average age at menarche among the majority Han girls has recently been reported. However, the trends in age at menarche among ethnic minority girls over the past 25 years remain unknown. OBJECTIVES To compare the differences in median age at menarche among girls aged ...

multi-ethnic texture or existence of the ethnic-religious minorities is one of the main structural elements of states all over the world. consequently, we are sometimes informed about ethnic tensions and violence around the globe. a study in 2002 indicates that approximately 125 wars were occurred from world war ii to 1997 of which 80 ones have been related to ethnic and religious disputes in a...