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AbstractWe consider the "mismatch" hypothesis in the context of graduate management education. Both blacks and Hispanics, conditional on a rich set of human capital variables, prior earnings and work experience, and non-cognitive attributes, are favored in admission to top 50 Master of Business Administration (MBA) programs. To test for mismatch effects, we provide two comparisons: (1) comparable individuals (in terms of race, gender, and credentials) at different quality MBA programs and (2) individuals of differing race or gender (but with similar credentials) at comparable MBA programs. Despite admission preferences, blacks and Hispanics enjoy similar or even higher returns to selectivity than whites.

AbstractMany scholars argue that retrospective voting is a powerful information shortcut that offsets widespread voter ignorance. Even deeply ignorant voters, it is claimed, can effectively punish incumbents for bad performance and reward them if things go well. But if voters' understanding of which officials are responsible for which outcomes is systematically biased, retrospective voting becomes an independent source of political failure rather than a cure for it. We design and administer a new survey of the general public and political experts to test for such biases. Our analysis reveals frequent, large, robust biases in voter attributions of responsibility for a variety of political actors and outcomes with a tendency for the public to overestimate influence, although important examples of underestimation also exist.