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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

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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.ac.be/licos/DP/DP2007/DP191.pdf
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Publisher Info
Paper provided by LICOS - Centre for Institutions and Economic Performance, K.U.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;

Find related papers by JEL classification:
L82 - Industrial Organization - - Industry Studies: Services - - - Entertainment; Media
D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search, Learning, and Information

This paper has been announced in the following NEP Reports:

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. Matthew Gentzkow & Jesse M. Shapiro, 2006. "Media Bias and Reputation," Journal of Political Economy, University of Chicago Press, vol. 114(2), pages 280-316, April. [Downloadable!] (restricted)
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  2. Tim Groseclose & Jeffrey Milyo, 2005. "A Measure of Media Bias," The Quarterly Journal of Economics, MIT Press, vol. 120(4), pages 1191-1237, November. [Downloadable!] (restricted)
    Other versions:
  3. Simeon Djankov & Caralee McLiesh & Tatiana Nenova & Andrei Shleifer, 2001. "Who Owns the Media?," Harvard Institute of Economic Research Working Papers 1919, Harvard - Institute of Economic Research. [Downloadable!]
    Other versions:
  4. Sendhil Mullainathan & Andrei Shleifer, 2005. "The Market for News," American Economic Review, American Economic Association, vol. 95(4), pages 1031-1053, September. [Downloadable!]
  5. 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. [Downloadable!] (restricted)
  6. Baron, David P., 2006. "Persistent media bias," Journal of Public Economics, Elsevier, vol. 90(1-2), pages 1-36, January. [Downloadable!] (restricted)
  7. Stromberg, David, 2001. "Mass media and public policy," European Economic Review, Elsevier, vol. 45(4-6), pages 652-663, May. [Downloadable!] (restricted)
  8. Besley, Timothy & Burgess, Robin, 2001. "Political agency, government responsiveness and the role of the media," European Economic Review, Elsevier, vol. 45(4-6), pages 629-640, May. [Downloadable!] (restricted)
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