2022
DOI: 10.1257/aer.20201844
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Fake News, Voter Overconfidence, and the Quality of Democratic Choice

Abstract: This paper studies, theoretically and experimentally, the effects of overconfidence and fake news on information aggregation and the quality of democratic choice in a common-interest setting. We theoretically show that overconfidence exacerbates the adverse effects of widespread misinformation (i.e., fake news). We then analyze richer models that allow for partisanship, targeted misinformation intended to sway public opinion, and news signals correlated across voters (due to media ownership concentration or ce… Show more

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Cited by 10 publications
(3 citation statements)
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“…Another phenomenon often observed in relation to fake news is that although people in general think that the problem of fake news is widespread and pressing, they themselves feel quite confident in their ability to recognize false content from real one. This is in line with a body of research showing that people tend to overestimate their cognitive abilities and that people with the worst abilities tend to be the most vulnerable to believing in online "bullshit" (i.e., meaningless statements) and fake news (Kartal & Tyran, 2022;Littrell & Fugelsang, 2021;Lyons et al, 2021;Pennycook et al, 2017;Serra-Garcia & Gneezy, 2021).…”
Section: Relationship To the Literature And Hypothesessupporting
confidence: 88%
“…Another phenomenon often observed in relation to fake news is that although people in general think that the problem of fake news is widespread and pressing, they themselves feel quite confident in their ability to recognize false content from real one. This is in line with a body of research showing that people tend to overestimate their cognitive abilities and that people with the worst abilities tend to be the most vulnerable to believing in online "bullshit" (i.e., meaningless statements) and fake news (Kartal & Tyran, 2022;Littrell & Fugelsang, 2021;Lyons et al, 2021;Pennycook et al, 2017;Serra-Garcia & Gneezy, 2021).…”
Section: Relationship To the Literature And Hypothesessupporting
confidence: 88%
“…This is in line with a body of research showing that people tend to overestimate their cognitive abilities and that people with the worst abilities tend to be the most vulnerable to believing in online "bullshit" (i.e. meaningless statements) and fake news (Kartal & Tyran, 2022;Littrell & Fugelsang, 2021;Lyons et al, 2021;Serra-Garcia & Gneezy, 2021). When people feel overly confident, it may prevent them to slow down and engage in more analytical thinking (Pennycook et al, 2015).…”
Section: Relationship To the Literature And Hypothesessupporting
confidence: 85%
“…Recent research has shown that most people are overconfident in their own ability to spot fake news 25 . The overconfidence in one’s own ability to distinguish true and false information may contribute to spreading fake news 26 . Differences in overconfidence may explain why some groups fall more easily for fake news.…”
Section: Introductionmentioning
confidence: 99%