The value of and demand for diverse news sources

Anujit Chakraborty and Evan Calford

No 355, Working Papers from University of California, Davis, Department of Economics

Abstract: We study the value of and the demand for instrumentally-valuable information in a simple decision environment where signals are transparently polarized. We find that in both information aggregation and acquisition, subjects use sophisticated heuristics to counter the polarization in signals. Even though the number of precise Bayesian reports are small, most subjects (64%) generate unpolarized reports even when faced with polarized signals. Subjects placed in a market place of information rarely end up buying polarized signals and instead overwhelmingly opt for diverse information. The demand for diverse information increases as diverse information becomes more valuable and decreases as it becomes more expensive.

JEL-codes: D81 D90 D91 (search for similar items in EconPapers)
Date: 2023-03-22
New Economics Papers: this item is included in nep-exp
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Working Paper: The Value of and Demand for Diverse News Sources (2022)
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