Breaking Down the Market for Misinformation

Gonzalo Cisternas and Jorge Vásquez
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Gonzalo Cisternas: https://www.newyorkfed.org/research/economists/cisternas
Jorge Vásquez: https://www.smith.edu/academics/faculty/jorge-vasquez

No 20221128, Liberty Street Economics from Federal Reserve Bank of New York

Abstract: The spread of misinformation online has been recognized as a growing social problem. In responding to the issue, social media platforms have (i) promoted the services of third-party fact-checkers; (ii) removed producers of misinformation and downgraded false content; and (iii) provided contextual information for flagged content, empowering users to determine the veracity of information for themselves. In a recent staff report, we develop a flexible model of misinformation to assess the efficacy of these types of interventions. Our analysis focuses on how well these measures incentivize users to verify the information they encounter online.

Keywords: misinformation; social media; news verification; regulation (search for similar items in EconPapers)
Date: 2022-11-28
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