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Learning From False Stories

Author

Listed:
  • Robin Musolff
  • Christopher Roth
  • Florian Zimmermann

Abstract

False information pervades societies across the globe. Using incentivized online experiments, we document a qualitative residue in learning from false information: transparently debunked quantitative signals barely move beliefs, whereas debunked stories leave a substantial residual imprint, robustly across several experiments. Making the prior salient mitigates the effect, and neutral rather than evaluative stories leave no detectable residue. We show directly that false stories heighten mental simulation, including via speech-extracted valence. The residue also appears among respondents who report being uninfluenced, consistent with stories shaping beliefs below conscious awareness. Finally, a transparently disclosed deepfake significantly reduces incentivized investment.

Suggested Citation

  • Robin Musolff & Christopher Roth & Florian Zimmermann, 2026. "Learning From False Stories," CESifo Working Paper Series 12711, CESifo.
    • Handle: RePEc:ces:ceswps:_12711
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    File URL: https://www.ifo.de/DocDL/cesifo1_wp12711.pdf
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    References listed on IDEAS

    as
    1. Peter Andrebriq & Carlo Pizzinelli & Christopher Roth & Johannes Wohlfart, 2022. "Subjective Models of the Macroeconomy: Evidence From Experts and Representative Samples," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 89(6), pages 2958-2991.
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    Cited by:

    1. Kuang, Pei & Tang, Li & Weber, Michael, 2026. "Belief Disagreement, Instability, and Uncertainty under Stochastic Recall," CEPR Discussion Papers 21766, Centre for Economic Policy Research.
    2. Andrea Albertazzi & Paolo Pin & Marco Stimolo & Alessandro Stringhi, 2026. "Fooling Yourself: how narratives shape beliefs," Papers 2607.04753, arXiv.org, revised Aug 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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