Kording and Wolpert (2004), hereafter referred to as KW, describe an experiment where subjects engaged in a repeated task entailing movements of their finger. Subjects strove for accuracy in the stochastic environment and, on some trials, received mid-trial and post-trial feedback. KW claims...

We identify an otherwise efficient market in which racial stereotypes affect market outcomes. In this market, there are well-defined prices, well-defined outcomes, a finite time horizon, and readily available information. The market appears to efficiently process the available information, with...

We identify an otherwise efficient market in which racial biases affect market outcomes. In particular, we examine data on point spreads for NBA games over the 15 seasons from 1993-94 to 2007-08. We find evidence that a more black team tends to face a larger point spread and that these teams...

We identify a largely efficient market in which there is a relationship between race and market outcomes. Examining data on NBA games, we find that teams with more black players tend to face larger point spreads and that these teams perform worse against the spread. These biased outcomes are...

Frydman and Jin (2022) ["Efficient coding and risky choice," Quarterly Journal of Economics, 137, 161---213] present a model of efficient coding whereby decision makers are Bayesian learners of a stochastic distribution. The model predicts that decision makers will devote more cognitive...

We identify a largely efficient market in which there is a relationship between race and market outcomes. Examining data on NBA games, we find that teams with more black players tend to face larger point spreads and that these teams perform worse against the spread. These biased outcomes are...

We identify an otherwise efficient market in which racial stereotypes affect market outcomes. In this market, there are well-defined prices, well-defined outcomes, a finite time horizon, and readily available information. The market appears to efficiently process the available information, with...

We identify a largely efficient market in which racial biases affect market outcomes. Examining data on NBA games, we show that teams with more black players tend to face larger point spreads and that these teams perform worse against the spread. These biased outcomes are significantly large and...