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The Model of Clickbait: Fact-Checking and Endogenous Information Acquisition

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  • Masayuki Odora

    (Global Education Center, Waseda University)

Abstract

I study the role of fact-checking in a two-period strategic communication game between a decision maker and a media outlet. The decision maker relies on the outlet’s article to take a binary action, while the outlet may exert costly effort to acquire information before publishing. The decision maker is uncertain about the outlet’s motive: the outlet might be opportunistic, caring only about attracting clicks. Fact-checking probabilistically reveals the payoff-relevant state. I highlight a trade-off between the diagnostic effect and the discipline effect that arises when the probability of fact-checking successfully revealing the state increases. Consequently, introducing fact-checking or increasing its success probability may, in some parameter ranges, reduce the decision maker’s welfare.

Suggested Citation

  • Masayuki Odora, 2025. "The Model of Clickbait: Fact-Checking and Endogenous Information Acquisition," Working Papers 2521, Waseda University, Faculty of Political Science and Economics.
    • Handle: RePEc:wap:wpaper:2521
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    JEL classification:

    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
    • L82 - Industrial Organization - - Industry Studies: Services - - - Entertainment; Media

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