Community-Based Organizations and Immigrant Integration in the Washington, D.C., Metropolitan Area

Examines the roles immigrant-serving nonprofits play in facilitating integration. Surveys programs and services, geographic and ethnic distribution, composition of personnel, sources of funding and support, impact of policy environments, and challenges

Up Close It Feels Dangerous: 'Anxiety' in the Face of Risk

Motivated by individuals' emotional response to risk at different time horizons, we model an 'anxious' agent - one who is more risk averse with respect to imminent risks than distant risks. Such preferences describe well-documented features of 1) individual behavior, 2) equilibrium prices, and 3) institutions. In particular, we derive implications for financial markets, such as overtrading and price anomalies around announcement dates, as well as a downward-sloping term structure of risk premia, which are found empirically. Since such preferences can lead to dynamic inconsistencies with respect to risk trade-offs, we show that costly delegation of investment decisions is a strategy used to cope with 'anxiety.