Butkovich, Lazarina and Butkovich, Nina and Plott, Charles R. and Seo, Han (2018) Fake News, Information Herds, Cascades, and Economic Knowledge. Social Science Working Paper, 1442. California Institute of Technology , Pasadena, CA. (Unpublished) https://resolver.caltech.edu/CaltechAUTHORS:20220209-220523090
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Abstract
The paper addresses the issue of “fake news” through a well-known and widely studied experiment that illustrates possible uses of economics and game theory for understanding the phenomenon. Public news is viewed as an aggregation of decentralized pieces of valuable information about complex events. Success of news systems rests on accumulated investment in trust in news sources. By contrast, fake news involves cases in which news source reliability is not known. The experiment demonstrates how fake news can destroy both the investment in trust and also the benefits that successful news systems provide.
| Item Type: | Report or Paper (Working Paper) | |||||||||
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| Additional Information: | The insights of David Grether and the help of B. Atsavapranee, are gratefully acknowledged. All experimental programs were designed by Travis Maron. The financial support of the John Templeton Foundation is gratefully acknowledged. | |||||||||
| Group: | Social Science Working Papers | |||||||||
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| Series Name: | Social Science Working Paper | |||||||||
| Issue or Number: | 1442 | |||||||||
| DOI: | 10.2139/ssrn.3217603 | |||||||||
| Record Number: | CaltechAUTHORS:20220209-220523090 | |||||||||
| Persistent URL: | https://resolver.caltech.edu/CaltechAUTHORS:20220209-220523090 | |||||||||
| Usage Policy: | No commercial reproduction, distribution, display or performance rights in this work are provided. | |||||||||
| ID Code: | 113356 | |||||||||
| Collection: | CaltechAUTHORS | |||||||||
| Deposited By: | Tony Diaz | |||||||||
| Deposited On: | 09 Feb 2022 22:29 | |||||||||
| Last Modified: | 01 Jun 2023 23:51 |
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