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Toward an Understanding of the Economics of Misinformation: Evidence from a Demand Side Field Experiment on Critical Thinking

Author

Listed:
  • John A. List
  • Lina M. Ramírez
  • Julia Seither
  • Jaime Unda
  • Beatriz Vallejo

Abstract

Misinformation represents a vital threat to the societal fabric of modern economies. While the supply side of the misinformation market has begun to receive increased scrutiny, the demand side has received scant attention. We explore the demand for misinformation through the lens of augmenting critical thinking skills in a field experiment during the 2022 Presidential election in Colombia. Data from roughly 2.000 individuals suggest that our treatments enhance critical thinking, causing subjects to more carefully consider the truthfulness of potential misinformation. We furthermore provide evidence that reducing the demand of fake news can deliver on the dual goal of reducing the spread of fake news by encouraging reporting of misinformation.

Suggested Citation

  • John A. List & Lina M. Ramírez & Julia Seither & Jaime Unda & Beatriz Vallejo, 2024. "Toward an Understanding of the Economics of Misinformation: Evidence from a Demand Side Field Experiment on Critical Thinking," NBER Working Papers 32367, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:32367
    Note: LS PE
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    JEL classification:

    • C93 - Mathematical and Quantitative Methods - - Design of Experiments - - - Field Experiments
    • D9 - Microeconomics - - Micro-Based Behavioral Economics
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making

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