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Rational Ignorance and Negative News in the Information Market

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Author Info

  • Jill McCluskey
  • Johan F.M. Swinnen

Abstract

While the availability of information has increased rapidly, the public is still considered poorly informed. This paper contributes to the emerging field of media economics by studying how the demand side of the media market affects news production and consumption. We show that consumers are likely to remain imperfectly informed on most issues and that negative news coverage is likely to dominate positive news stories because of demand side effects.

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File URL: http://www.econ.kuleuven.be/licos/publications/dp/dp191.pdf
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Bibliographic Info

Paper provided by LICOS - Centre for Institutions and Economic Performance, KU Leuven in its series LICOS Discussion Papers with number 19107.

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Length: 12 pages
Date of creation: 2007
Date of revision:
Handle: RePEc:lic:licosd:19107

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Related research

Keywords: Media; bias; rational ignorance; negative news coverage;

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References

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  1. Besley, Timothy J. & Prat, Andrea, 2002. "Handcuffs for the Grabbing Hand? Media Capture and Government Accountability," CEPR Discussion Papers 3132, C.E.P.R. Discussion Papers.
  2. Jeffrey Milyo & Tim Groseclose, 2005. "A Measure of Media Bias," Working Papers 0501, Department of Economics, University of Missouri, revised 25 Aug 2005.
  3. Corneo, Giacomo, 2005. "Media capture in a democracy: the role of wealth concentration," Discussion Papers 2005/1, Free University Berlin, School of Business & Economics.
  4. Matthew Gentzkow & Jesse Shapiro, 2005. "Media Bias and Reputation," NBER Working Papers 11664, National Bureau of Economic Research, Inc.
  5. repec:cto:journl:v:20:y:2001:i:3:p:431-451 is not listed on IDEAS
  6. Sendhil Mullainathan & Andrei Shleifer, 2005. "The Market for News," American Economic Review, American Economic Association, vol. 95(4), pages 1031-1053, September.
  7. Baron, David P., 2006. "Persistent media bias," Journal of Public Economics, Elsevier, vol. 90(1-2), pages 1-36, January.
  8. Anthony Downs, 1957. "An Economic Theory of Political Action in a Democracy," Journal of Political Economy, University of Chicago Press, vol. 65, pages 135.
  9. Sendhil Mullainathan & Andrei Shleifer, 2002. "Media Bias," Harvard Institute of Economic Research Working Papers 1981, Harvard - Institute of Economic Research.
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