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Media Bias and Reputation

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Author Info
Matthew Gentzkow
Jesse M. Shapiro

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Abstract

We study indirect democracy in which countries, states, or districts each elect a representative who later votes at a union level on their behalf. We show that the voting rule that maximizes the total expected utility of all agents in the union involves assigning a weight to each district's vote and then sticking with the status quo unless at least a threshold of weighted votes is cast for change. We analyze how the weights relate to the population size of a country and the correlation structure of agents' preferences, and then we compare the voting weights in the Council of the European Union under the Nice Treaty and the recently proposed Constitution.

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Publisher Info
Article provided by University of Chicago Press in its journal Journal of Political Economy.

Volume (Year): 114 (2006)
Issue (Month): 2 (April)
Pages: 280-316
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Handle: RePEc:ucp:jpolec:v:114:y:2006:i:2:p:280-316

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Stephen Morris, 1999. "Political Correctness," Cowles Foundation Discussion Papers 1242, Cowles Foundation, Yale University. [Downloadable!]
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  2. Djankov, Simeon & et al, 2003. "Who Owns the Media?," Journal of Law & Economics, University of Chicago Press, vol. 46(2), pages 341-81, October.
    Other versions:
  3. Adam Brandenburger & Ben Polak, 1996. "When Managers Cover Their Posteriors: Making the Decisions the Market Wants to See," RAND Journal of Economics, The RAND Corporation, vol. 27(3), pages 523-541, Autumn. [Downloadable!] (restricted)
  4. Wing Suen, 2004. "The Self-Perpetuation of Biased Beliefs," Economic Journal, Royal Economic Society, vol. 114(495), pages 377-396, 04. [Downloadable!] (restricted)
  5. Edward L. Glaeser & Giacomo A. M. Ponzetto & Jesse M. Shapiro, 2004. "Strategic Extremism: Why Republicans and Democrats Divide on Religious Values," NBER Working Papers 10835, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  6. Matthew Gentzkow & Edward L. Glaeser & Claudia Goldin, 2004. "The Rise of the Fourth Estate: How Newspapers Became Informative and Why It Mattered," NBER Working Papers 10791, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  7. Grant, Simon & Kajii, Atsushi & Polak, Ben, 1998. "Intrinsic Preference for Information," Journal of Economic Theory, Elsevier, vol. 83(2), pages 233-259, December. [Downloadable!] (restricted)
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  8. Edward L. Glaeser, 2004. "Psychology and the Market," NBER Working Papers 10203, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  9. Effinger, Matthias R. & Polborn, Mattias K., 2001. "Herding and anti-herding: A model of reputational differentiation," European Economic Review, Elsevier, vol. 45(3), pages 385-403, March. [Downloadable!] (restricted)
  10. Kreps, David M. & Wilson, Robert, 1982. "Reputation and imperfect information," Journal of Economic Theory, Elsevier, vol. 27(2), pages 253-279, August. [Downloadable!] (restricted)
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  11. Sendhil Mullainathan & Andrei Shleifer, 2005. "The Market for News," American Economic Review, American Economic Association, vol. 95(4), pages 1031-1053, September. [Downloadable!]
  12. Jeffrey Ely & Drew Fudenberg & David K. Levine, 2002. "When is Reputation Bad?," Harvard Institute of Economic Research Working Papers 1962, Harvard - Institute of Economic Research. [Downloadable!]
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  13. Terence Lim, 2001. "Rationality and Analysts' Forecast Bias," Journal of Finance, American Finance Association, vol. 56(1), pages 369-385, 02. [Downloadable!] (restricted)
  14. Marco Ottaviani & Peter Sorensen, 1999. "Professional Advice," Game Theory and Information 9906003, EconWPA. [Downloadable!]
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  15. Heidhues, Paul & Lagerlof, Johan, 2003. "Hiding information in electoral competition," Games and Economic Behavior, Elsevier, vol. 42(1), pages 48-74, January. [Downloadable!] (restricted)
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  16. Avery, Christopher & Chevalier, Judith, 1999. "Identifying Investor Sentiment from Price Paths: The Case of Football Betting," Journal of Business, University of Chicago Press, vol. 72(4), pages 493-521, October. [Downloadable!] (restricted)
  17. Boulier, Bryan L. & Stekler, H. O., 2003. "Predicting the outcomes of National Football League games," International Journal of Forecasting, Elsevier, vol. 19(2), pages 257-270. [Downloadable!] (restricted)
  18. Morris, Stephen, 1994. "Trade with Heterogeneous Prior Beliefs and Asymmetric Information," Econometrica, Econometric Society, vol. 62(6), pages 1327-47, November. [Downloadable!] (restricted)
  19. Milgrom, Paul & Roberts, John, 1982. "Predation, reputation, and entry deterrence," Journal of Economic Theory, Elsevier, vol. 27(2), pages 280-312, August. [Downloadable!] (restricted)
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  20. Olszewski, Wojciech, 2004. "Informal communication," Journal of Economic Theory, Elsevier, vol. 117(2), pages 180-200, August. [Downloadable!] (restricted)
  21. Marco Ottaviani & Peter Norman Sorensen, 2006. "Reputational Cheap Talk," RAND Journal of Economics, The RAND Corporation, vol. 37(1), pages 155-175, Spring.
  22. Timothy Besley & Andrea Prat, 2006. "Handcuffs for the Grabbing Hand? Media Capture and Government Accountability," American Economic Review, American Economic Association, vol. 96(3), pages 720-736, June. [Downloadable!]
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