{"title":"Influential news and policy-making","authors":"Federico Vaccari","doi":"10.1007/s00199-023-01499-9","DOIUrl":null,"url":null,"abstract":"Abstract This paper analyzes the implications of interventions that affect the costs of misreporting. I study a model of communication between an uninformed voter and a media outlet that knows the quality of two competing candidates. The alternatives available to the voter are endogenously championed by the two candidates. I show that higher costs may lead to more misreporting and persuasion, whereas low costs result in full revelation. The voter may be better off when less informed because of higher costs. When the media receives policy-independent gains, interventions that increase misreporting costs never directly harm the voter. However, lenient interventions that increase these costs by small amounts can be wasteful of public resources. Regulation produced by politicians leads to suboptimal interventions.","PeriodicalId":47982,"journal":{"name":"Economic Theory","volume":"95 1","pages":"0"},"PeriodicalIF":1.2000,"publicationDate":"2023-04-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"1","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Economic Theory","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1007/s00199-023-01499-9","RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"ECONOMICS","Score":null,"Total":0}
引用次数: 1
Abstract
Abstract This paper analyzes the implications of interventions that affect the costs of misreporting. I study a model of communication between an uninformed voter and a media outlet that knows the quality of two competing candidates. The alternatives available to the voter are endogenously championed by the two candidates. I show that higher costs may lead to more misreporting and persuasion, whereas low costs result in full revelation. The voter may be better off when less informed because of higher costs. When the media receives policy-independent gains, interventions that increase misreporting costs never directly harm the voter. However, lenient interventions that increase these costs by small amounts can be wasteful of public resources. Regulation produced by politicians leads to suboptimal interventions.
期刊介绍：
The purpose of Economic Theory is to provide an outlet for research - in all areas of economics based on rigorous theoretical reasoning, and
- on specific topics in mathematics which is motivated by the analysis of economic problems. Economic Theory''s scope encompasses - but is not limited to - the following fields. - classical and modern equilibrium theory
- cooperative and non-cooperative game theory
- macroeconomics
- social choice and welfare
- uncertainty and information, intertemporal economics (including dynamical systems)
- public economics
- international and developmental economics
- financial economics, money and banking
- industrial organization Economic Theory also publishes surveys if they clearly picture the basic ideas at work in some areas, the essential technical apparatus which is used and the central questions which remain open. The development of a productive dialectic between stylized facts and abstract formulations requires that economic relevance be at the forefront. Thus, correct, and innovative, mathematical analysis is not enough; it must be motivated by - and contribute to - the understanding of substantive economic problems.
Officially cited as: Econ Theory
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