Primetime Spin: Media Bias and Belief Confirming Information
Abstract"This paper develops a model of media bias in which rational agents acquire all their news from the source that is most likely to confirm their prior beliefs. Despite only wishing to make the correct decision, agents act as if they enjoy receiving news that supports their preconceptions. By exclusively gathering information from a source biased towards his prior, there is little chance an agent will be persuaded to change his mind. Moreover, it is shown that even an "unbiased" agent prefers to receive biased news as it is unlikely to produce conflicting reports. The media caters to the informational demands of consumers and accordingly slants its reporting. It is shown that competition may not decrease bias, but may actually enhance it. Finally, even when it increases bias, competition may improve welfare by expanding the market for news." Copyright (c) 2008, The Author(s) Journal Compilation (c) 2008 Wiley Periodicals, Inc..
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Bibliographic InfoArticle provided by Wiley Blackwell in its journal Journal of Economics & Management Strategy.
Volume (Year): 17 (2008)
Issue (Month): 3 (09)
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- Agostino Manduchi, 2013. "Non-neutral information costs with match-value uncertainty," Journal of Economics, Springer, vol. 109(1), pages 1-25, May.
- John Gasper, 2009. "Reporting for sale: the market for news coverage," Public Choice, Springer, vol. 141(3), pages 493-508, December.
- Matthew Gentzkow & Jesse M. Shapiro & Daniel F. Stone, 2014. "Media Bias in the Marketplace: Theory," NBER Working Papers 19880, National Bureau of Economic Research, Inc.
- Stone, Daniel F., 2011. "Ideological media bias," Journal of Economic Behavior & Organization, Elsevier, vol. 78(3), pages 256-271, May.
- Sobbrio, Francesco, 2009. "A Citizens-Editors Model of News Media," MPRA Paper 18213, University Library of Munich, Germany.
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