I think that's a good question. For one thing, you don't really see people starting businesses aimed at taking advantage of this supposed pay differential.
In McKinsey you do see a top management consulting companies coaching companies to take advantage of the opportunity.
People can't effectively correct for the hindsight bias if you tell them to correct for it. The same thing is likely true for a lot of people inherent sexism. They might think that they are accurately assessing the skills of woman but are blinded by their own sexism.
Even in trades which are more balanced, like law and medicine, you don't see it.
In law it's important that the client judges the lawyer as high status. A law firm might hire based on the advantages the get because their clients prefer to be represented by males.
In McKinsey you do see a top management consulting companies coaching companies to take advantage of the opportunity.
Would you mind quoting McKinsey where they urge companies to do this? Also, what percentage of entry level McKinsey consultants are female? If McKinsey practices what you seem to claim that it preaches, I would expect it to be at least 80 or 90%.
They might think that they are accurately assessing the skills of woman but are blinded by their own sexism.
I doubt that's true, but assuming it is, it only supports my position -- it's for ...
LW readers have unusual views on many subjects. Efficient Market Hypothesis notwithstanding, many of these are probably alien to most people in finance. So it's plausible they might have implications that are not yet fully integrated into current asset prices. And if you rightfully believe something that most people do not believe, you should be able to make money off that.
Here's an example for a different group. Feminists believe that women are paid less than men for no good economic reason. If this is the case, feminists should invest in companies that hire many women, and short those which hire few women, to take advantage of the cheaper labour costs. And I can think of examples for groups like Socialists, Neoreactionaries, etc. - cases where their positive beliefs have strong implications for economic predictions. But I struggle to think of such ones for LessWrong, which is why I am asking you. Can you think of any unusual LW-type beliefs that have strong economic implications (say over the next 1-3 years)?
Wei Dai has previously commented on a similar phenomena, but I'm interested in a wider class of phenomena.