Stories, Statistics, and Memory*

Thomas Graeber, Christopher Roth and Florian Zimmermann

The Quarterly Journal of Economics, 2024, vol. 139, issue 4, 2181-2225

Abstract: For many decisions, we encounter relevant information over the course of days, months, or years. We consume such information in various forms, including stories (qualitative content about individual instances) and statistics (quantitative data about collections of observations). This article proposes that information type—story versus statistic—shapes selective memory. In controlled experiments, we document a pronounced story-statistic gap in memory: the average impact of statistics on beliefs fades by 73% over the course of a day, but the impact of a story fades by only 32%. Guided by a model of selective memory, we disentangle different mechanisms and document that similarity relationships drive this gap. Recall of a story increases when its qualitative content is more similar to a memory prompt. Irrelevant information in memory that is similar to the prompt, on the other hand, competes for retrieval with relevant information, impeding successful recall.

Date: 2024
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Related works:
Working Paper: Stories, statistics, and memory (2023)
Working Paper: Stories, Statistics, and Memory (2022)
Working Paper: Stories, Statistics, and Memory (2022)
Working Paper: Stories, Statistics, and Memory (2022)
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