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Fake news - Does perception matter more than the truth?

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  • Jost, Peter J.
  • Pünder, Johanna
  • Schulze-Lohoff, Isabell

Abstract

The present paper experimentally investigates the effect of anchoring on fake news. In particular, we test how different levels of authority and awareness influence this effect. Subjects were presented with false information as an unreasonably high anchor and had to fulfill a related estimation task afterwards. Results show that all subjects, including those who were told that the information was false, were influenced by the anchor. Furthermore, a higher level of awareness of fake news led subjects to adjust more strongly downwards from the anchor. The effect of anchoring was also reduced when subjects without prior awareness were presented with arguments that were inconsistent with the anchor information.

Suggested Citation

  • Jost, Peter J. & Pünder, Johanna & Schulze-Lohoff, Isabell, 2020. "Fake news - Does perception matter more than the truth?," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 85(C).
    • Handle: RePEc:eee:soceco:v:85:y:2020:i:c:s2214804319303398
    DOI: 10.1016/j.socec.2020.101513
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    2. Lazar Laura & Pop Mihai-Ionuţ, 2021. "Impact of Celebrity Endorsement and Breaking News Effect on the Attention of Consumers," Studia Universitatis „Vasile Goldis” Arad – Economics Series, Sciendo, vol. 31(3), pages 60-74, September.

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