Published July 2018
| Accepted Version
Working Paper
Open
Fake News, Information Herds, Cascades and Economic Knowledge
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.
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.Attached Files
Accepted Version - sswp1442.pdf
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sswp1442.pdf
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Additional details
- Eprint ID
- 99373
- Resolver ID
- CaltechAUTHORS:20191018-123811142
- John Templeton Foundation
- Created
-
2019-10-18Created from EPrint's datestamp field
- Updated
-
2019-10-18Created from EPrint's last_modified field
- Caltech groups
- Social Science Working Papers
- Series Name
- Social Science Working Paper
- Series Volume or Issue Number
- 1442