Investigative journalism: Market failures and government intervention through public broadcasters

Investigative journalism plays a vital role in promoting democratic accountability and transparency. This paper surveys nearly 5,000 participants from the U.S., the U.K., and Norway, demonstrating that investigative journalism functions as a public good prone to underprovision. I explore how governments can address this potential market failure through the intervention of public broadcasters. A majority of participants are willing to pay higher taxes to support increased journalism through public broadcasters. However, in countries with well-established public broadcasters, subsidies to private media are preferred, largely due to perceived political non-neutrality. Public broadcasters may garner broader support by focusing their journalism on non-political contexts. A Coasian approach proves ineffective, as the willingness to pay rises with the broader sharing of output.