Audi Alteram Partem: An Experiment on Selective Exposure to Information

Arbeitspapier

We report the results of an experiment on selective exposure to information. A decision maker interested in learning about an uncertain state of the world can acquire information from one of two sources which have opposite biases: when informed on the state, they report it truthfully; when uninformed, they report their favorite state. A Bayesian decision maker is better off seeking confirmatory information unless the source biased against the prior is sufficiently more reliable. In line with the theory, subjects are more likely to seek confirmatory information when sources are symmetrically reliable. On the other hand, when sources are asymmetrically reliable, subjects are more likely to consult the more reliable source even when prior beliefs are strongly unbalanced and this source is less informative. Our experiment suggests that base rate neglect and simple heuristics (e.g., listen to the most reliable source) are important drivers of the endogenous acquisition of information.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Series: CESifo Working Paper ; No. 10699

Classification and Topics

• Classification: Wirtschaft ; Design of Experiments: Laboratory, Individual ; Criteria for Decision-Making under Risk and Uncertainty ; Search; Learning; Information and Knowledge; Communication; Belief; Unawareness ; Micro-Based Behavioral Economics: Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making‡
• Subject: information acquisition ; biased information sources ; selective exposure ; echo chambers ; confirmation bias ; base rate neglect ; laboratory experiment

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Montanari, Giovanni ; Nunnari, Salvatore
• Event: Veröffentlichung
• (who): Center for Economic Studies and ifo Institute (CESifo)
• (where): Munich
• (when): 2023

Further information

• Handle: http://hdl.handle.net/10419/282387
• Last update: 10.03.2025, 11:43 AM CET