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Learning From False Stories

Author

Listed:
  • Robin Musolff

    (University of Cologne)

  • Christopher Roth

    (University of Cologne, CESifo, NHH Norwegian School of Economics, CEPR & MPI for Behavioral Economics)

  • Florian Zimmermann

    (University of Bonn, CESifo & MPI for Behavioral Economics)

Abstract

False information often shapes beliefs even after retraction or correction. Using incentivized online experiments, we document a qualitative residue in learning from false information: False quantitative signals generate little to no belief updating, whereas false stories lead to substantial residual belief impact. This effect is robust across a range of design variants. Replacing evaluative stories with more neutral variants eliminates the residue, indicating that the valence of the qualitative information plays a central role. We provide direct evidence that false stories increase mental simulation, measured via self-reports and valence extracted from speech recordings. Respondents are also more confident in beliefs formed after false stories than after false quantitative information, despite being further from the rational benchmark. Additional experiments suggest that the effect also appears among respondents who report not being influenced by the story, consistent with stories partly shaping beliefs below conscious awareness.

Suggested Citation

  • Robin Musolff & Christopher Roth & Florian Zimmermann, 2026. "Learning From False Stories," ECONtribute Discussion Papers Series 412, University of Bonn and University of Cologne, Germany.
    • Handle: RePEc:ajk:ajkdps:412
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    File URL: https://www.econtribute.de/RePEc/ajk/ajkdps/ECONtribute_412_2026.pdf
    File Function: First version, 2026
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    More about this item

    Keywords

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    JEL classification:

    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • C90 - Mathematical and Quantitative Methods - - Design of Experiments - - - General

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