Learning From False Stories

Robin Musolff, Christopher Roth and Florian Zimmermann

No 12711, CESifo Working Paper Series from CESifo

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.

Keywords: stories; learning; mental simulation; fake news (search for similar items in EconPapers)
JEL-codes: C90 D83 D91 (search for similar items in EconPapers)
Date: 2026
New Economics Papers: this item is included in nep-cbe and nep-exp
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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