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Media Capture and Wealth Concentration

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  • Corneo, Giacomo

Abstract

While objective news coverage is vital to democracy, media bias can seriously distort collective decisions. This Paper develops a voting model where citizens are uncertain about the welfare effects induced by alternative policy options and derive information about those effects from the mass media. The media might, however, secretly collude with interest groups in order to influence the public opinion. In case of voting over the level of a productivity-enhancing public bad, it is shown that an increase in the concentration of financial wealth makes the occurrence of media bias more likely. Media bias is not necessarily welfare-worsening, but conditions for media bias to increase welfare are restrictive.

Suggested Citation

  • Corneo, Giacomo, 2003. "Media Capture and Wealth Concentration," CEPR Discussion Papers 4086, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:4086
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    More about this item

    Keywords

    Mass media; Public bads; Voting; Wealth inequality;
    All these keywords.

    JEL classification:

    • D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
    • H41 - Public Economics - - Publicly Provided Goods - - - Public Goods

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