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Fake News, Information Herds, Cascades and Economic Knowledge

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 (Unpublished) https://resolver.caltech.edu/CaltechAUTHORS:20191018-123811142

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Abstract

The paper addresses the issue of “fake news” through a well-known and widely studied experiment that illustrates a possible science behind the phenomenon. Public news is viewed as an aggregation of decentralized pieces of valuable information about complex events. Such systems rely on accumulated investment in trust in news sources. In the case of fake news, news source reliability is not known. The experiment demonstrates how fake news can destroy both the investment in trust and also the benefits that news provides.


Item Type:Report or Paper (Working Paper)
ORCID:
AuthorORCID
Seo, Han0000-0002-5116-3286
Additional Information:The help of B. Atsavapranee, is gratefully acknowledged. All experimental programs were designed by Travis Maron. The technical contributions of Hsing Yang Lee were very helpful. The financial support of the John Templeton Foundation is gratefully acknowledged.
Group:Social Science Working Papers
Funders:
Funding AgencyGrant Number
John Templeton FoundationUNSPECIFIED
Series Name:Social Science Working Paper
Issue or Number:1442
Record Number:CaltechAUTHORS:20191018-123811142
Persistent URL:https://resolver.caltech.edu/CaltechAUTHORS:20191018-123811142
Usage Policy:No commercial reproduction, distribution, display or performance rights in this work are provided.
ID Code:99373
Collection:CaltechAUTHORS
Deposited By: Katherine Johnson
Deposited On:18 Oct 2019 19:42
Last Modified:18 Oct 2019 19:42

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