Archive for the ‘psychology’ Category

the psychology of ivy league grads on wall street

Ezra Klein interviews Kevin Roose, who has a new book about young Ivy League graduates who work on Wall Street. The take home point is simple: people who graduate from competitive schools graduate toward these jobs not because they love business, but because they want security. Wall Street jobs are high paid, require little experience, and have a bit of prestige. On the origins of the short term Wall Street job:

Wall Street invented this new way of recruiting in the early 80s. Before that they hired like any other industry. If you wanted to be a banker you applied for a job at a bank and they hired you or they didn’t. But in the early 80s Goldman Sachs and others figured out they could broaden their net and get lots of really smart people if they made it a temporary position rather than a permanent one.

So they created the two-and-out program. The idea is you’re there for two years and then you move onto something else. That let them attract not just hardcore econ majors but people majoring in other subjects who had a passing interest in finance and didn’t know what else to do. People now think going to a bank for two years will help prepare them for the next thing and keep them from having to make these hard decisions about the rest of their life. It made it like an extension of college. And it was genius. It led to this huge explosion in recruitment and something like a third of Ivy League graduates going to Wall Street.

Of course, it’s a mixed bag for the grads:

EK: So after writing this book, what would you say to a college senior thinking of going to Wall Street?

KR: First I would ask them why they wanted to work in an investment bank. If the answer is “because I’m tremendously in debt and need to pay it out” or “I’ve been reading Barron’s since I was 12 years old and I desperately want to be an investment banker” then those are legitimate reasons. Go ahead. But if it’s just about taking risk off the table and doing the safe prestigious thing, I’d tell them first that it will make them truly miserable, the kind of miserable it could take years to recover from, and that it also no longer has that imprimatur. It can actually hinder you. I’ve spoken to tech recruiters who say they only hire bankers in their first year or two because after that banking ruins them.

EK: How does it ruin them?

KR: It makes them too risk conscious. It gets them used to a standard of lifestyle they may not be able to replicate in any other industry. And it has a deleterious effect on creativity. Of the eight people I followed, a few came out very damaged by the experience. And not in a way a vacation can cure. It’s not about having bags under your eyes. It destroys your ability to think in creative ways about what it means to build something of value. The people I followed would admit they got a lot out of being a banker but I don’t think they’re all that tuned into the ways the experience changed them.

Check it out.

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Written by fabiorojas

May 22, 2014 at 12:01 am

centrism and sociology – guest post by chris martin

This guest post on the politics of sociology is written by Chris Martin, a doctoral student in sociology at Emory University.

Conservativism doesn’t seem to be a unipolar thing, according to much of the social psychological research on political attitudes. Rather, you can be conservative by being high in either social dominance orientation (SD) or right-wing authoritarianism (RWA). Of course, the two dimensions are moderately correlated but they’re not the same thing: high-SDO people dislike socially subordinate groups, and high RWO dislike socially deviant (or unconventional) groups. As a centrist, however, I’ve found that there’s a lack of research on the opposite poles of these scales even though there clearly seem to be a subset of liberals who like socially subordinate groups and a subset who like socially deviant groups.  Again, there’s considerable overlap between these two subsets. And there’s a small subset of libertarian liberals who don’t lean toward either pole.

This comes across in social psychological work on religious freedom. Early research showed that high-RWA people are more supportive of Christian than Muslim mandatory prayer, while low-RWA people oppose both types of prayer equally. However, if you change “mandatory” to “voluntary,” you find that low-RWA people no longer disfavor both types. Rather, they more strongly favor Muslim than Christian school prayer space.

To some degree, I’ve found that sociology has become so ideologically homogenous that it’s now the disciplinary norm to avoid using “inequality” to describe preferential treatment of subordinate or deviant groups. In the race domain, in fact, centrists can get accused of supporting colorblind ideology or denying White privilege, even if they have a well-reasoned critique of preferential treatment. And in the gender/sexuality domain, the norm is for 50% of the research to focus on people who are deviant by conventional standards. But this skewness of focus isn’t termed inequality. My point isn’t about race or gender, though, but the large issue of whether there’s place for centrists in sociology—people who neither valorize nor condemn subordinate and deviant groups. Psychological social scientists have begun to address this issue—see Jonathan Haidt and Lee Jussim in particular—focusing on how this political homogeneity harms science. Where does sociology stand?

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Written by fabiorojas

April 26, 2014 at 12:18 am

confidence, gender, and the social psychology of inequality

The Atlantic has a new article called “The Confidence Gap.” Katty Kay and Claire Shipman review the academic literature to discuss one source of gender inequality – the systematic differences in confidence. Roughly speaking, Kay and Shipman suggest that one reason that men are more likely to rise faster through careers is that men are simply overconfident. The fortune cookie version of the argument is that women will apply for a job only if they are sure that they 100%  qualified, while men will take a shot if they are half qualified.

A few comments: While I believe that sexism exists, the article is consistent with a “sexism without sexists” style argument as well. In other words, if A and B compose half the population but A applies for raises 66% of the time and B applies 33% of the time, you will very quickly get inequality even when bosses do not consider gender.

A policy observation from some of the experimental work. Kay and Shipman describe an experiment where men and women subjects try to solve a puzzle and initially men do better because they answer almost all questions. Women will try only when they are sure of the answer. When women are required to do the puzzles, the scores equalize. The policy implication is that raises and promotions should be routine. People are automatically considered for raises and promotions, or everyone will be considered if the situation arises.

The article has a lot to think about for folks interested in gender and inequality.

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Written by fabiorojas

April 16, 2014 at 12:01 am

the limits of human sociability

Are humans by nature social animals? My colleague, Adam Waytz, argues in a provocative essay for that the idea that humans are naturally social may be more myth than reality. That is, if we define human sociability as the tendency to be cooperative with others, compassionate, and empathetic, it’s hardly the case that humans will always act or think in a social way. Adam’s essay is geared towards psychologists, where the trend has been to describe humans’ brains, hormones, and cognition as innately social.

He points out various ways in which psychological research points out that this is just not true. Humans are as competitive as they are cooperative, and in certain situations competition overrides cooperation. Empathy isn’t an automatic response. Humans may have a strong in-group bias and a tendency to treat people outside of our group with suspicion and lack of trust. Social behaviors seem to be triggered by certain situational characteristics rather than being the default. Moreover, our capacity to be social may be much more limited than we have previously recognized.

Because motivation and cognition are finite, so too is our capacity to be social. Thus, any intervention that intends to increase consideration of others in  terms of empathy, benevolence, and compassion is limited in its ability to do so. At some point, the well of working memory on which our most valuable social abilities rely will run dry.

Rather than sociability being the natural response to human interaction, it may actually be an achievement of society that we have created the right institutions that enable sociability. Sociologists, of course, have a lot to say about the latter.

Written by brayden king

January 22, 2014 at 5:43 pm

Posted in brayden, culture, psychology

stop interviewing people

A recent Washington Post op-ed describes recent research showing that interviews are poor predictors of future job performance. The idea is old, but the results elaborate in new ways. From Daniel Willingham, a psychologist at the University of Virginia:

You do end feeling as though you have a richer impression of the person than that gleaned from the stark facts on a resume. But there’s no evidence that interviews prompt better decisions (e.g., Huffcutt & Arthur, 1994).

A new study (Dana, Dawes, & Peterson, 2013) gives us some understanding of why.

The information on a resume is limited but mostly valuable: it reliably predicts future job performance. The information in an interview is abundant–too abundant actually. Some of it will have to be ignored. So the question is whether people ignore irrelevant information and pick out the useful. The hypothesis that they don’t is called dilution. The useful information is diluted by noise.

Dana and colleagues also examined a second possible mechanism. Given people’s general propensity for sense-making, they thought that interviewers might have a tendency to try to weave all information into a coherent story, rather than to discard what was quirky or incoherent.

Three experiments supported both hypothesized mechanisms.

In other words, interviews encourage people to see patterns in the data where none exist. They also distract us with irrelevant information. Toss this in the file of “we have evidence it don’t work, but people will do it anyway.”

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Written by fabiorojas

October 30, 2013 at 12:01 am

how to live a happy life

For seventy five years, Harvard University has conducted a longitudinal study of 269 men who graduated in 1938. It’s an attempt to learn, in detail, about the factors that might contribute to a good life. Business Insider has a nice summary of a new book, Triumphs of Experience, that presents the results of the study. A few take home points:

  • Alcoholism is a disorder of great destructive power.” Alcoholism was the main cause of divorce between the Grant Study men and their wives; it was strongly correlated with neurosis and depression (which tended to follow alcohol abuse, rather than precede it); and—together with associated cigarette smoking—it was the single greatest contributor to their early morbidity and death.
  • Above a certain level, intelligence doesn’t matter. I assume that it doesn’t matter for the types of life course outcomes social scientists measure (employment, health, happiness, marriage).
  • Relationships matter, a lot: “Men who had “warm” childhood relationships with their mothers earned an average of $87,000 more a year than men whose mothers were uncaring.” and “Late in their professional lives, the men’s boyhood relationships with their mothers—but not with their fathers—were associated with effectiveness at work.”
  • Dad matters as well: “warm childhood relations with fathers correlated with lower rates of adult anxiety, greater enjoyment of vacations, and increased “life satisfaction” at age 75—whereas the warmth of childhood relationships with mothers had no significant bearing on life satisfaction at 75.”

The formula for a good life: no alcohol or smoking; be nice too people, especially your kids; and you’re probably good enough to get what you want out of life.

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Written by fabiorojas

May 20, 2013 at 12:01 am

valdedictorians and class background

The Chronicle of Higher Education features a study of valedictorians and finds that class background affects where they apply to college:

Poorer students remain underrepresented at America’s top colleges, research has shown. And their academic preparation isn’t the only reason, according to Radford’s study of valedictorians, who should be considered well-prepared.

“Less-affluent valedictorians were less likely to know someone who had enrolled in a most selective institution and thus had a harder time envisioning their own attendance,” Radford wrote in a summary of her research.

The theme of the research association’s meeting this year was “Education and Poverty.” And Radford was among many who presented research on class inequity in higher education, which academics say remains deeply problematic at most colleges. Her study comes at a time of increased focus on how, despite plenty of outreach efforts, much of the talent at low-income high schools isn’t getting recruited to top colleges.

Radford worked with data from the High School Valedictorian Project, a survey of 900 class valedictorians who graduated from public high schools between 2003 and 2006. She also drew from 55 in-depth interviews with the students. The University of Chicago Press soon will publish a book by Radford on her findings.

This is probably one of the key findings of recent stratificiation research. Class doesn’t affect life course only through material resources, but by changing the habitus.

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Written by fabiorojas

May 5, 2013 at 2:18 am


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