Social Identity and Preferences

摘要

Relative to white Americans, Asian-Americans accumulate more human capital and are more likely to participate in tax-deferred savings accounts. Black Americans accumulate less financial wealth, accumulate less human capital, and are less likely to invest in the stock market, even after controlling for observable demographic variables. However, recent black immigrants from the West Indies and Africa are disproportionately represented among high-income blacks and elite college students. Women invest in more conservative financial assets than men and behave more cautiously in laboratory experiments.