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Ideological media bias

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  • Stone, Daniel F.

Abstract

I develop a model of the market for news in which consumers and reporters both ideologically misinterpret information and have biased beliefs about the extent to which others misinterpret information. I show that for some parameter values, in equilibrium: (i) a monopolist media outlet hires a politically moderate reporter but duopolist outlets use relatively extreme, differentiated reporters; (ii) in duopoly, consumers think of their preferred outlet's news reporter as relatively unbiased and the other outlet's reporter as relatively biased; (iii) consumers, in the aggregate, may be less informed in duopoly than monopoly, despite more consumers receiving news in duopoly.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Economic Behavior & Organization.

Volume (Year): 78 (2011)
Issue (Month): 3 (May)
Pages: 256-271

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Handle: RePEc:eee:jeborg:v:78:y:2011:i:3:p:256-271

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Web page: http://www.elsevier.com/locate/jebo

Related research

Keywords: Media bias Media competition Ideological bias Bias blind spot Hostile media phenomenon;

References

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  1. Menkhoff, Lukas & Nikiforow, Marina, 2008. "Professionals' endorsement of behavioral finance: Does it impact their perception of markets and themselves?," Hannover Economic Papers (HEP) dp-392, Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät.
  2. Brandenburger, Adam & Dekel, Eddie & Geanakoplos, John, 1992. "Correlated equilibrium with generalized information structures," Games and Economic Behavior, Elsevier, vol. 4(2), pages 182-201, April.
  3. Matthew Gentzkow & Jesse Shapiro, 2005. "Media Bias and Reputation," NBER Working Papers 11664, National Bureau of Economic Research, Inc.
  4. Sendhil Mullainathan & Andrei Shleifer, 2002. "Media Bias," NBER Working Papers 9295, National Bureau of Economic Research, Inc.
  5. Jeremy Burke, 2008. "Primetime Spin: Media Bias and Belief Confirming Information," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 17(3), pages 633-665, 09.
  6. Wing Suen, 2005. "Mutual Admiration Clubs," Departmental Working Papers _173, Chinese University of Hong Kong, Department of Economics.
  7. Ascensión Andina-Díaz, 2009. "Media competition and information disclosure," Social Choice and Welfare, Springer, vol. 32(4), pages 705-705, May.
  8. Hoch, Stephen J & Ha, Young-Won, 1986. " Consumer Learning: Advertising and the Ambiguity of Product Experience," Journal of Consumer Research, University of Chicago Press, vol. 13(2), pages 221-33, September.
  9. Morris, Stephen, 1995. "The Common Prior Assumption in Economic Theory," Economics and Philosophy, Cambridge University Press, vol. 11(02), pages 227-253, October.
  10. Bernhardt, Dan & Krasa, Stefan & Polborn, Mattias, 2008. "Political polarization and the electoral effects of media bias," Journal of Public Economics, Elsevier, vol. 92(5-6), pages 1092-1104, June.
  11. Jimmy Chan & Wing Suen, 2008. "A Spatial Theory of News Consumption and Electoral Competition," Review of Economic Studies, Oxford University Press, vol. 75(3), pages 699-728.
  12. Matthew Gentzkow & Jesse M. Shapiro, 2008. "Competition and Truth in the Market for News," Journal of Economic Perspectives, American Economic Association, vol. 22(2), pages 133-154, Spring.
  13. Joel L. Schrag, 1999. "First Impressions Matter: A Model Of Confirmatory Bias," The Quarterly Journal of Economics, MIT Press, vol. 114(1), pages 37-82, February.
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Cited by:
  1. Takanori Adachi & Yoichi Hizen, 2012. "Political Accountability, Electoral Control, and Media Bias," KIER Working Papers 811, Kyoto University, Institute of Economic Research.
  2. Stone, Daniel F., 2013. "Media and gridlock," Journal of Public Economics, Elsevier, vol. 101(C), pages 94-104.

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