Bankruptcy

• We’re dealing with the aftermath of a pandemic, a war in Ukraine, extreme weather events, rising inflation and a food and energy crisis.
• These events can be described as economic “shocks”, though the consequences may be drawn out for years.
• Economic shocks exacerbate poverty, inequality and economic uncertainty, sowing the seeds of societal instability and conflict between groups.
• This is why understanding economic anxiety is important for understanding the rise of populist movements and the spread of political polarisation across the globe.

The model

• To understand the evolution of stereotypes, we created a computer model tracking how stereotypes form through a process of learning and cultural transmission of attitudes.
• We started by creating an “in-group” of close friends and family members, and then assumed everyone else belonged to “out-groups”.
• We also showed that in the aftermath of a simulated economic shock, which reduced the income of everyone in our model, negative stereotyping of other groups emerged momentarily, even if positive stereotyping had been widespread before.
• Our model shows that the consequence of that mismatch is to view people in an out-group more negatively.

What to do

• The second challenge is to figure out how to get back to an equilibrium.
• Our work suggests that if we cannot stop the shocks, we must figure out how to get back to equilibrium faster.
• Negative stereotypes are exacerbated when we base our assumptions about how people will behave after a shock on faulty, outdated information.

• Cancer for College (CFC) has provided need-based college scholarships and educational experiences to cancer survivors since 1993, awarding over $7 million in scholarships to more than 1,700 individuals.
• In addition to providing college funding for pediatric cancer survivors, partnering with Goodroot enables CFC to address the high medical costs and debt that often come with cancer treatment.
• "We're proud to partner with Goodroot and leverage the expertise on healthcare affordability their team brings to the table," said Cancer for College Founder, Craig Pollard.
• "Why should families who have survived a child getting cancer go bankrupt and not be able to afford college?"

• NEW YORK, Sept. 25, 2023 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Party City Holdco (“Party City” or the “Company”) (OTCMKTS: PRTYQ).
• Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext.
• The investigation concerns whether Party City and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
• Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions.

• BEVERLY HILLS, Calif., Sept. 25, 2023 /PRNewswire/ -- Attorneys at Ervin Cohen & Jessup LLP recently secured a $6 million verdict in favor of their client, an 87-year-old Arcadia man whose finances were devastated by the malicious actions of his financial advisor.
• After the devastation wrought on Horner's finances became apparent, he turned to Ervin, Cohen & Jessup partner Michael Lieb and associate Zoe Vallier to pursue litigation against Strong in Los Angeles County Superior Court.
• The court thus awarded $2.556 million in compensatory damages which it doubled based on the court's finding of financial elder abuse to $5.1 million.
• Michael Lieb and Zoe Vallier of Ervin Cohen & Jessup represented Mr. Strong.