Day #295: Racial Bias and Financial Decisions

I generally don’t talk about race matters, but I do have opinions and am willing to share them if asked.  That’s exactly what happened last week when the good folks at ABC News came calling.  There is a new psychological study where researchers from NYU have found that people tend to find individuals who share their same racial background to be more trustworthy than others.  Further, they find that this bias influences their financial decisions.  That is, people who trust whites more than blacks will be more likely to transact with whites than blacks.  The researchers noted that a ‘pro-white’ bias was more common than a ‘pro-black’ bias, but both biases existed in the subjects that they studied.

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