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Markets are central to modern society, so their failures can be devastating. Here, we examine a prominent failure: price bubbles. Bubbles emerge when traders err collectively in pricing, causing misfit between market prices and the true values of assets. The causes of such collective errors remain elusive. We propose that bubbles are affected by ethnic homogeneity in the market and can be thwarted by diversity. In homogenous markets, traders place undue confidence in the decisions of others. Less likely to scrutinize others’ decisions, traders are more likely to accept prices that deviate from true values. To test this, we constructed experimental markets in Southeast Asia and North America, where participants traded stocks to earn money. We randomly assigned participants to ethnically homogeneous or diverse markets. We find a marked difference: Across markets and locations, market prices fit true values 58% better in diverse markets. The effect is similar across sites, despite sizeable differences in culture and ethnic composition. Specifically, in homogenous markets, overpricing is higher as traders are more likely to accept speculative prices. Their pricing errors are more correlated than in diverse markets. In addition, when bubbles burst, homogenous markets crash more severely. The findings suggest that price bubbles arise not only from individual errors or financial conditions, but also from the social context of decision making. The evidence may inform public discussion on ethnic diversity: it may be beneficial not only for providing variety in perspectives and skills, but also because diversity facilitates friction that enhances deliberation and upends conformity

Liberating effects of losing executive control: When regulatory strategies turn maladaptive

ABSTRACT—Across numerous domains, research has consistently linked decreased capacity for executive control to negative outcomes. Under some conditions, however, this deficit may translate into gains: When individuals’ regulatory strategies are maladaptive, depletion of the resource fueling such strategies may facilitate positive outcomes, both intra- and interpersonally. We tested this prediction in the context of contentious intergroup interaction, a domain characterized by regulatory practices of questionable utility. White participants discussed approaches to campus diversity with a White or Black partner immediately after performing a depleting or control computer task. In intergroup encounters, depleted participants enjoyed the interaction more, exhibited less inhibited behavior, and seemed less prejudiced to Black observers than did control participants—converging evidence of beneficial effects. Although executive capacity typically sustains optimal functioning, these results indicate that, in some cases, it also can obstruct positive outcomes, not to mention the potential for open dialogue regarding divisive social issues. The human capacity to regulate responses for goal-directed action has been studied in domains from language and spatial ability to addiction and consumer behavior (e.g., Bialystok

Age-related decline in executive function predicts better advice-giving in uncomfortable social contexts

Conventional wisdom suggests that older adults are more likely than young adults to speak their mind. Agerelated executive function (EF) decline is believed to underlie this tendency by weakening older adults' capacity to inhibit responses. While age-related EF decline disrupts social and cognitive functioning in many domains, such degeneration may also carry the unforeseen benefit of improving communication in uncomfortable social contexts. We examined the performance of relatively low and high EF older adults and young adults on the socially distressing task of providing critical advice to a troubled obese teenager. Relative to higher EF older adults and younger adults, lower EF older adults were more open, provided more advice, and were seen as more empathic. Moreover, doctors specializing in obesity treatment rated lower EF older adults' advice to the teen as having greater potential for prompting a lifestyle change. Our findings suggest a potential silver lining to age-related cognitive decline

Age-related decline in executive function predicts better advice-giving in uncomfortable social contexts

Conventional wisdom suggests that older adults are more likely than young adults to speak their mind. Agerelated executive function (EF) decline is believed to underlie this tendency by weakening older adults' capacity to inhibit responses. While age-related EF decline disrupts social and cognitive functioning in many domains, such degeneration may also carry the unforeseen benefit of improving communication in uncomfortable social contexts. We examined the performance of relatively low and high EF older adults and young adults on the socially distressing task of providing critical advice to a troubled obese teenager. Relative to higher EF older adults and younger adults, lower EF older adults were more open, provided more advice, and were seen as more empathic. Moreover, doctors specializing in obesity treatment rated lower EF older adults' advice to the teen as having greater potential for prompting a lifestyle change. Our findings suggest a potential silver lining to age-related cognitive decline