Pub Date : 2025-10-15DOI: 10.1016/j.euroecorev.2025.105175
Fangzhi Wang , Hua Liao , Richard S.J. Tol
We investigate optimal carbon abatement in a dynamic general equilibrium climate-economy model with endogenous structural change. By differentiating the production of investment from consumption, we show that social cost of carbon can be conceived as a reduction in physical capital. In addition, we distinguish two final sectors in terms of productivity growth and climate vulnerability. We theoretically show that heterogeneous climate vulnerability results in a climate-induced version of Baumol’s cost disease. Further, if climate-vulnerable sectors have high (low) productivity growth, climate impact can ameliorate (aggravate) the Baumol’s cost disease, call for less (more) stringent climate policy. We conclude that carbon abatement should not only factor in unpriced climate capital, but also be tailored to Baumol’s cost and climate diseases.
{"title":"Baumol’s climate disease","authors":"Fangzhi Wang , Hua Liao , Richard S.J. Tol","doi":"10.1016/j.euroecorev.2025.105175","DOIUrl":"10.1016/j.euroecorev.2025.105175","url":null,"abstract":"<div><div>We investigate optimal carbon abatement in a dynamic general equilibrium climate-economy model with endogenous structural change. By differentiating the production of investment from consumption, we show that social cost of carbon can be conceived as a reduction in physical capital. In addition, we distinguish two final sectors in terms of productivity growth and climate vulnerability. We theoretically show that heterogeneous climate vulnerability results in a climate-induced version of Baumol’s cost disease. Further, if climate-vulnerable sectors have high (low) productivity growth, climate impact can ameliorate (aggravate) the Baumol’s cost disease, call for less (more) stringent climate policy. We conclude that carbon abatement should not only factor in unpriced climate capital, but also be tailored to Baumol’s cost and climate diseases.</div></div>","PeriodicalId":48389,"journal":{"name":"European Economic Review","volume":"180 ","pages":"Article 105175"},"PeriodicalIF":2.4,"publicationDate":"2025-10-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145364199","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-10-14DOI: 10.1016/j.euroecorev.2025.105185
Ennio E. Piano , Sean-Patrick Alvarez
We explore the economics of ‘slave-hiring’ in the antebellum U.S. South. We argue that the threat of excessive violence against enslaved employees increased the cost of transferring temporary property rights from masters to hirers, implying systematic differences in the prevalence of slave-hiring across industries. Slave-hirers will tend to be underrepresented in industries that rely more heavily on force as a motivational tool, compared to industries that instead employ positive incentives. Our analysis combines qualitative historical insights with quantitative evidence from the ‘Free’ and ‘Slave Schedules’ of the 1860 U.S. Census for Fauquier County, VA. We find that among slaveholders, farmers were approximately 30 percentage points less likely to hire enslaved workers than those in the crafts. This effect persists when we control for slaveholder characteristics and the month in which the information was collected. Our findings shed light on a key institution of the antebellum Southern economy and how slavery was able to adapt and thrive in urban settings. They also provide indirect evidence of James Scott’s hypothesis that agriculture is especially suited to exploitative labor practices.
{"title":"Servants of two masters: The economics of ‘slave-hiring’","authors":"Ennio E. Piano , Sean-Patrick Alvarez","doi":"10.1016/j.euroecorev.2025.105185","DOIUrl":"10.1016/j.euroecorev.2025.105185","url":null,"abstract":"<div><div>We explore the economics of ‘slave-hiring’ in the antebellum U.S. South. We argue that the threat of excessive violence against enslaved employees increased the cost of transferring temporary property rights from masters to hirers, implying systematic differences in the prevalence of slave-hiring across industries. Slave-hirers will tend to be underrepresented in industries that rely more heavily on force as a motivational tool, compared to industries that instead employ positive incentives. Our analysis combines qualitative historical insights with quantitative evidence from the ‘Free’ and ‘Slave Schedules’ of the 1860 U.S. Census for Fauquier County, VA. We find that among slaveholders, farmers were approximately 30 percentage points less likely to hire enslaved workers than those in the crafts. This effect persists when we control for slaveholder characteristics and the month in which the information was collected. Our findings shed light on a key institution of the antebellum Southern economy and how slavery was able to adapt and thrive in urban settings. They also provide indirect evidence of James Scott’s hypothesis that agriculture is especially suited to exploitative labor practices.</div></div>","PeriodicalId":48389,"journal":{"name":"European Economic Review","volume":"180 ","pages":"Article 105185"},"PeriodicalIF":2.4,"publicationDate":"2025-10-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145325962","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-10-14DOI: 10.1016/j.euroecorev.2025.105131
Núria Rodríguez-Planas , Alan Secor , Rafael De Balanzó Joue
We conducted a randomized evaluation of a primary prevention intervention whose main goal was to increase the resilience of students from a large broad-access Hispanic Serving Institution and commuter urban college. In a 90-minute workshop, students (1) were introduced to the resilient-thinking approach, which offers conceptual tools to cope with unexpected negative shocks; (2) worked individually and in groups to identify challenges in their community; and (3) brainstormed strategies to address them. We find that the intervention increased by 5 percent of a standard deviation the short-run resilience of the average student. The intervention was most effective for students with weaker individual protective factors at baseline (the most vulnerable students, those with lower resilience, and with higher mental health problems), and for those with stronger community protective factors, suggesting that individual and community factors mediate differently within this intervention. The intervention effects on students’ resilience persisted over time. These effects were mostly driven by an improvement in students’ collaboration (i.e., maintenance and formation of support networks and personal relationships), and vision (i.e., sense of purpose and belief in an ability to define, clarify, and achieve goals). As anticipated due to the low-dose nature of the intervention, we did not find effects on academic performance the semester of the intervention or the following one, nor on depression and anxiety the following semester.
{"title":"Building resilience in college: evidence from a randomized trial","authors":"Núria Rodríguez-Planas , Alan Secor , Rafael De Balanzó Joue","doi":"10.1016/j.euroecorev.2025.105131","DOIUrl":"10.1016/j.euroecorev.2025.105131","url":null,"abstract":"<div><div>We conducted a randomized evaluation of a primary prevention intervention whose main goal was to increase the resilience of students from a large broad-access Hispanic Serving Institution and commuter urban college. In a 90-minute workshop, students (1) were introduced to the resilient-thinking approach, which offers conceptual tools to cope with unexpected negative shocks; (2) worked individually and in groups to identify challenges in their community; and (3) brainstormed strategies to address them. We find that the intervention increased by 5 percent of a standard deviation the short-run resilience of the average student. The intervention was most effective for students with weaker <em>individual</em> protective factors at baseline (the most vulnerable students, those with lower resilience, and with higher mental health problems), and for those with stronger <em>community</em> protective factors, suggesting that individual and community factors mediate differently within this intervention. The intervention effects on students’ resilience persisted over time. These effects were mostly driven by an improvement in students’ collaboration (i.e., maintenance and formation of support networks and personal relationships), and vision (i.e., sense of purpose and belief in an ability to define, clarify, and achieve goals). As anticipated due to the low-dose nature of the intervention, we did not find effects on academic performance the semester of the intervention or the following one, nor on depression and anxiety the following semester.</div></div>","PeriodicalId":48389,"journal":{"name":"European Economic Review","volume":"181 ","pages":"Article 105131"},"PeriodicalIF":2.4,"publicationDate":"2025-10-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145365256","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-10-14DOI: 10.1016/j.euroecorev.2025.105185
Ennio E. Piano , Sean-Patrick Alvarez
We explore the economics of ‘slave-hiring’ in the antebellum U.S. South. We argue that the threat of excessive violence against enslaved employees increased the cost of transferring temporary property rights from masters to hirers, implying systematic differences in the prevalence of slave-hiring across industries. Slave-hirers will tend to be underrepresented in industries that rely more heavily on force as a motivational tool, compared to industries that instead employ positive incentives. Our analysis combines qualitative historical insights with quantitative evidence from the ‘Free’ and ‘Slave Schedules’ of the 1860 U.S. Census for Fauquier County, VA. We find that among slaveholders, farmers were approximately 30 percentage points less likely to hire enslaved workers than those in the crafts. This effect persists when we control for slaveholder characteristics and the month in which the information was collected. Our findings shed light on a key institution of the antebellum Southern economy and how slavery was able to adapt and thrive in urban settings. They also provide indirect evidence of James Scott’s hypothesis that agriculture is especially suited to exploitative labor practices.
{"title":"Servants of two masters: The economics of ‘slave-hiring’","authors":"Ennio E. Piano , Sean-Patrick Alvarez","doi":"10.1016/j.euroecorev.2025.105185","DOIUrl":"10.1016/j.euroecorev.2025.105185","url":null,"abstract":"<div><div>We explore the economics of ‘slave-hiring’ in the antebellum U.S. South. We argue that the threat of excessive violence against enslaved employees increased the cost of transferring temporary property rights from masters to hirers, implying systematic differences in the prevalence of slave-hiring across industries. Slave-hirers will tend to be underrepresented in industries that rely more heavily on force as a motivational tool, compared to industries that instead employ positive incentives. Our analysis combines qualitative historical insights with quantitative evidence from the ‘Free’ and ‘Slave Schedules’ of the 1860 U.S. Census for Fauquier County, VA. We find that among slaveholders, farmers were approximately 30 percentage points less likely to hire enslaved workers than those in the crafts. This effect persists when we control for slaveholder characteristics and the month in which the information was collected. Our findings shed light on a key institution of the antebellum Southern economy and how slavery was able to adapt and thrive in urban settings. They also provide indirect evidence of James Scott’s hypothesis that agriculture is especially suited to exploitative labor practices.</div></div>","PeriodicalId":48389,"journal":{"name":"European Economic Review","volume":"180 ","pages":"Article 105185"},"PeriodicalIF":2.4,"publicationDate":"2025-10-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145325831","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-10-13DOI: 10.1016/j.euroecorev.2025.105153
Emrehan Aktuğ , Abolfazl Rezghi
Using a large cross-country dataset covering over 150 countries and more than 10 macroeconomic variables, this study examines the consistency of IMF World Economic Outlook (WEO) forecasts with the full information rational expectations (FIRE) hypothesis. We find that WEO forecasts exhibit an overreaction to news. This overreaction is asymmetric, with a stronger response to good news than to bad news, indicating excessive optimism among forecasters. Moreover, forecasts align more closely with the FIRE hypothesis during economic downturns or when a country is under an IMF program. Overreaction is more pronounced for macroeconomic variables with low persistence and for longer-horizon forecasts, consistent with recent theoretical models. Finally, we develop a model to explain how the state-dependent nature of attentiveness may drive this asymmetric overreaction.
{"title":"Asymmetric overreaction","authors":"Emrehan Aktuğ , Abolfazl Rezghi","doi":"10.1016/j.euroecorev.2025.105153","DOIUrl":"10.1016/j.euroecorev.2025.105153","url":null,"abstract":"<div><div>Using a large cross-country dataset covering over 150 countries and more than 10 macroeconomic variables, this study examines the consistency of IMF World Economic Outlook (WEO) forecasts with the full information rational expectations (FIRE) hypothesis. We find that WEO forecasts exhibit an overreaction to news. This overreaction is asymmetric, with a stronger response to good news than to bad news, indicating excessive optimism among forecasters. Moreover, forecasts align more closely with the FIRE hypothesis during economic downturns or when a country is under an IMF program. Overreaction is more pronounced for macroeconomic variables with low persistence and for longer-horizon forecasts, consistent with recent theoretical models. Finally, we develop a model to explain how the state-dependent nature of attentiveness may drive this asymmetric overreaction.</div></div>","PeriodicalId":48389,"journal":{"name":"European Economic Review","volume":"180 ","pages":"Article 105153"},"PeriodicalIF":2.4,"publicationDate":"2025-10-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145325823","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-10-13DOI: 10.1016/j.euroecorev.2025.105153
Emrehan Aktuğ , Abolfazl Rezghi
Using a large cross-country dataset covering over 150 countries and more than 10 macroeconomic variables, this study examines the consistency of IMF World Economic Outlook (WEO) forecasts with the full information rational expectations (FIRE) hypothesis. We find that WEO forecasts exhibit an overreaction to news. This overreaction is asymmetric, with a stronger response to good news than to bad news, indicating excessive optimism among forecasters. Moreover, forecasts align more closely with the FIRE hypothesis during economic downturns or when a country is under an IMF program. Overreaction is more pronounced for macroeconomic variables with low persistence and for longer-horizon forecasts, consistent with recent theoretical models. Finally, we develop a model to explain how the state-dependent nature of attentiveness may drive this asymmetric overreaction.
{"title":"Asymmetric overreaction","authors":"Emrehan Aktuğ , Abolfazl Rezghi","doi":"10.1016/j.euroecorev.2025.105153","DOIUrl":"10.1016/j.euroecorev.2025.105153","url":null,"abstract":"<div><div>Using a large cross-country dataset covering over 150 countries and more than 10 macroeconomic variables, this study examines the consistency of IMF World Economic Outlook (WEO) forecasts with the full information rational expectations (FIRE) hypothesis. We find that WEO forecasts exhibit an overreaction to news. This overreaction is asymmetric, with a stronger response to good news than to bad news, indicating excessive optimism among forecasters. Moreover, forecasts align more closely with the FIRE hypothesis during economic downturns or when a country is under an IMF program. Overreaction is more pronounced for macroeconomic variables with low persistence and for longer-horizon forecasts, consistent with recent theoretical models. Finally, we develop a model to explain how the state-dependent nature of attentiveness may drive this asymmetric overreaction.</div></div>","PeriodicalId":48389,"journal":{"name":"European Economic Review","volume":"180 ","pages":"Article 105153"},"PeriodicalIF":2.4,"publicationDate":"2025-10-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145325961","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We study the presence and the extent of gender differences in reference letters for graduate students in economics and finance, and how they relate to early labor market outcomes. To these ends, we build a novel rich dataset and combine Natural Language Processing techniques with standard regression analysis. We find that men are described more often as standout and women as grindstone, i.e., hardworking and diligent; these differences are mainly driven by male letter writers, especially more senior ones. We then show that the former (latter) characteristics relate positively (negatively) with various subsequent career outcomes and that women obtain lower positive (marginally larger negative) returns from being described as standout (grindstone). We argue that, taken together, this evidence is consistent with the presence of implicit gender stereotypes as driving the observed differences in the way candidates are described.
{"title":"Women in economics: The role of gendered references at entry in the profession","authors":"Audinga Baltrunaite , Alessandra Casarico , Lucia Rizzica","doi":"10.1016/j.euroecorev.2025.105155","DOIUrl":"10.1016/j.euroecorev.2025.105155","url":null,"abstract":"<div><div>We study the presence and the extent of gender differences in reference letters for graduate students in economics and finance, and how they relate to early labor market outcomes. To these ends, we build a novel rich dataset and combine Natural Language Processing techniques with standard regression analysis. We find that men are described more often as standout and women as grindstone, i.e., hardworking and diligent; these differences are mainly driven by male letter writers, especially more senior ones. We then show that the former (latter) characteristics relate positively (negatively) with various subsequent career outcomes and that women obtain lower positive (marginally larger negative) returns from being described as standout (grindstone). We argue that, taken together, this evidence is consistent with the presence of implicit gender stereotypes as driving the observed differences in the way candidates are described.</div></div>","PeriodicalId":48389,"journal":{"name":"European Economic Review","volume":"180 ","pages":"Article 105155"},"PeriodicalIF":2.4,"publicationDate":"2025-10-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145325828","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In a sequential Prisoner’s Dilemma, conditional cooperation creates an incentive to move second. However, choosing to move first can signal strong social preferences, potentially increasing cooperation when players care not only about actions but also about what those actions reveal about their partners’ social preferences. To examine this, we use the psychological game framework to disentangle the effects of observed actions from those of beliefs about partner preferences. The model yields a separating equilibrium in which players with strong social preferences move first. It predicts that endogenous sorting outperforms exogenous sorting when self-selection is hidden. Full transparency about endogenous sorting may backfire if players forced to move first infer selfish motives and defect. Yet, our experimental data show that transparency is optimal: it boosts incentives to move first and raises cooperation among second movers, without reducing cooperation among those compelled to move first. We also find a notable gender difference, as female subjects are more attuned to the signaling value of moving first.
{"title":"Leadership and cooperation in a sequential Prisoner’s Dilemma","authors":"Eberhard Feess , Steffen Lippert , Jamie Martini-Tibbs , James Tremewan","doi":"10.1016/j.euroecorev.2025.105160","DOIUrl":"10.1016/j.euroecorev.2025.105160","url":null,"abstract":"<div><div>In a sequential Prisoner’s Dilemma, conditional cooperation creates an incentive to move second. However, choosing to move first can signal strong social preferences, potentially increasing cooperation when players care not only about actions but also about what those actions reveal about their partners’ social preferences. To examine this, we use the psychological game framework to disentangle the effects of observed actions from those of beliefs about partner preferences. The model yields a separating equilibrium in which players with strong social preferences move first. It predicts that endogenous sorting outperforms exogenous sorting when self-selection is hidden. Full transparency about endogenous sorting may backfire if players forced to move first infer selfish motives and defect. Yet, our experimental data show that transparency is optimal: it boosts incentives to move first and raises cooperation among second movers, without reducing cooperation among those compelled to move first. We also find a notable gender difference, as female subjects are more attuned to the signaling value of moving first.</div></div>","PeriodicalId":48389,"journal":{"name":"European Economic Review","volume":"180 ","pages":"Article 105160"},"PeriodicalIF":2.4,"publicationDate":"2025-10-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145325966","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In a sequential Prisoner’s Dilemma, conditional cooperation creates an incentive to move second. However, choosing to move first can signal strong social preferences, potentially increasing cooperation when players care not only about actions but also about what those actions reveal about their partners’ social preferences. To examine this, we use the psychological game framework to disentangle the effects of observed actions from those of beliefs about partner preferences. The model yields a separating equilibrium in which players with strong social preferences move first. It predicts that endogenous sorting outperforms exogenous sorting when self-selection is hidden. Full transparency about endogenous sorting may backfire if players forced to move first infer selfish motives and defect. Yet, our experimental data show that transparency is optimal: it boosts incentives to move first and raises cooperation among second movers, without reducing cooperation among those compelled to move first. We also find a notable gender difference, as female subjects are more attuned to the signaling value of moving first.
{"title":"Leadership and cooperation in a sequential Prisoner’s Dilemma","authors":"Eberhard Feess , Steffen Lippert , Jamie Martini-Tibbs , James Tremewan","doi":"10.1016/j.euroecorev.2025.105160","DOIUrl":"10.1016/j.euroecorev.2025.105160","url":null,"abstract":"<div><div>In a sequential Prisoner’s Dilemma, conditional cooperation creates an incentive to move second. However, choosing to move first can signal strong social preferences, potentially increasing cooperation when players care not only about actions but also about what those actions reveal about their partners’ social preferences. To examine this, we use the psychological game framework to disentangle the effects of observed actions from those of beliefs about partner preferences. The model yields a separating equilibrium in which players with strong social preferences move first. It predicts that endogenous sorting outperforms exogenous sorting when self-selection is hidden. Full transparency about endogenous sorting may backfire if players forced to move first infer selfish motives and defect. Yet, our experimental data show that transparency is optimal: it boosts incentives to move first and raises cooperation among second movers, without reducing cooperation among those compelled to move first. We also find a notable gender difference, as female subjects are more attuned to the signaling value of moving first.</div></div>","PeriodicalId":48389,"journal":{"name":"European Economic Review","volume":"180 ","pages":"Article 105160"},"PeriodicalIF":2.4,"publicationDate":"2025-10-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145325825","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We study the presence and the extent of gender differences in reference letters for graduate students in economics and finance, and how they relate to early labor market outcomes. To these ends, we build a novel rich dataset and combine Natural Language Processing techniques with standard regression analysis. We find that men are described more often as standout and women as grindstone, i.e., hardworking and diligent; these differences are mainly driven by male letter writers, especially more senior ones. We then show that the former (latter) characteristics relate positively (negatively) with various subsequent career outcomes and that women obtain lower positive (marginally larger negative) returns from being described as standout (grindstone). We argue that, taken together, this evidence is consistent with the presence of implicit gender stereotypes as driving the observed differences in the way candidates are described.
{"title":"Women in economics: The role of gendered references at entry in the profession","authors":"Audinga Baltrunaite , Alessandra Casarico , Lucia Rizzica","doi":"10.1016/j.euroecorev.2025.105155","DOIUrl":"10.1016/j.euroecorev.2025.105155","url":null,"abstract":"<div><div>We study the presence and the extent of gender differences in reference letters for graduate students in economics and finance, and how they relate to early labor market outcomes. To these ends, we build a novel rich dataset and combine Natural Language Processing techniques with standard regression analysis. We find that men are described more often as standout and women as grindstone, i.e., hardworking and diligent; these differences are mainly driven by male letter writers, especially more senior ones. We then show that the former (latter) characteristics relate positively (negatively) with various subsequent career outcomes and that women obtain lower positive (marginally larger negative) returns from being described as standout (grindstone). We argue that, taken together, this evidence is consistent with the presence of implicit gender stereotypes as driving the observed differences in the way candidates are described.</div></div>","PeriodicalId":48389,"journal":{"name":"European Economic Review","volume":"180 ","pages":"Article 105155"},"PeriodicalIF":2.4,"publicationDate":"2025-10-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145325963","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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