But even controlling for experience, women still out-earn men in crypto. The authors suggest that a plausible explanation consistent with the data is that in crypto, women are “lindy.” To be lindy is to have overcome some hurdle which predicts your future success. This idea implies that women who have overcome hurdles in the crypto industry possess unobservable qualities like resilience and high competence, which, combined with their time in the industry, result in higher pay.

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Author: Matt Stephenson, Ally Zach, Nick Zurick

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