Toward an Understanding of the Economics of Misinformation: Evidence from a Demand Side Field Experiment on Critical Thinking
Supporters of Colombia’s President Gustavo Petro display a painting of him with Vice President Francia Marquez during their swearing-in ceremony at the Bolivar square in Bogota, Colombia, Sunday, August 7, 2022 [Fernando Vergara/ AP]
National Bureau of Economic Research
AUTHORS
John A. List, University of Chicago
Lina M. Ramírez, University of Chicago
Julia Seither, Universidad del Rosario, Colombia
Jaime Unda, Beway/The Behavioral Way
Beatriz Vallejo, Ethos Behavioral Team
ABSTRACT
Misinformation represents a vital threat to the societal fabric of modern economies. While the supply side of the misinformation market has begun to receive increased scrutiny, the demand side has received scant attention. We explore the demand for misinformation through the lens of augmenting critical thinking skills in a field experiment during the 2022 Presidential election in Colombia. Data from roughly 2.000 individuals suggest that our treatments enhance critical thinking, causing subjects to more carefully consider the truthfulness of potential misinformation. We furthermore provide evidence that reducing the demand of fake news can deliver on the dual goal of reducing the spread of fake news by encouraging reporting of misinformation.