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Rational Ignorance and Negative News in the Information Market

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

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  1. Corneo, Giacomo, 2006. "Media capture in a democracy: The role of wealth concentration," Journal of Public Economics, Elsevier, vol. 90(1-2), pages 37-58, January.
  2. Baron, David P., 2006. "Persistent media bias," Journal of Public Economics, Elsevier, vol. 90(1-2), pages 1-36, January.
  3. Matthew Gentzkow & Jesse Shapiro, 2005. "Media Bias and Reputation," NBER Working Papers 11664, National Bureau of Economic Research, Inc.
  4. Jeffrey Milyo & Tim Groseclose, 2005. "A Measure of Media Bias," Working Papers 0501, Department of Economics, University of Missouri, revised 25 Aug 2005.
  5. 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.
  6. Sendhil Mullainathan & Andrei Shleifer, 2002. "Media Bias," NBER Working Papers 9295, National Bureau of Economic Research, Inc.
  7. repec:cto:journl:v:20:y:2001:i:3:p:431-451 is not listed on IDEAS
  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.
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