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What Drives Demand for Media Slant?

48 Pages Posted: 31 Jul 2017 Last revised: 10 Dec 2017

Marcel Garz

Institute for Media Economics

Gaurav Sood

Independent

Daniel F. Stone

Bowdoin College - Department of Economics

Justin Wallace

University of Washington, College of Arts and Sciences, Department of Economics, Students

Date Written: December 8, 2017

Abstract

We study how variation in the congeniality of a political headline (whether or not it conveys 'good news' given a consumer's political preferences) affects demand for the story. We examine stories on the 2016 presidential debates and 2012 and 2016 campaign horse races on the websites of the New York Times (NYT), Fox News, and several other major outlets. For the debate stories, we use survey-experiments, and for the horse race stories, we use web data on all stories reported and each outlet's ``most viewed'' stories. By conducting within-topic, within-outlet analyses, we hold fixed two main components of the information value of news, isolating (to some extent) the effect of psychological factors on the demand for slant. Our main results are: 1) headline congeniality increased demand for Fox, but not NYT, debate stories (for both Trump and Clinton voters); 2) Fox horse race headlines favored Republicans in both years on average, and NYT stories favored Democrats slightly in 2012 and more so in 2016; 3) weak evidence that Fox horse race headlines congenial to Republicans were more likely to be most viewed in 2012, and stronger evidence that both NYT and Fox stories with uncongenial headlines for their typical readers (headlines favorable to Trump and Clinton, respectively) were more popular in 2016. We interpret our results to support both the cognitive dissonance and the (related) credibility theories of demand for media slant, and to fail to support the instrumental value theory.

Keywords: Media Bias, Media Slant, Horse Race News, Presidential Debate News, Confirmation Bias, Cognitive Dissonance

JEL Classification: D72, D83

Suggested Citation

Garz, Marcel and Sood, Gaurav and Stone, Daniel F. and Wallace, Justin, What Drives Demand for Media Slant? (December 8, 2017). Available at SSRN: https://ssrn.com/abstract=3009791

Marcel Garz

Institute for Media Economics ( email )

Palazzo Corsini, Via della Lungara 10
Rome, 00153
Italy

Gaurav Sood

Independent ( email )

No Address Available

Daniel Stone (Contact Author)

Bowdoin College - Department of Economics ( email )

Brunswick, ME 04011
United States
6463387833 (Phone)

Justin Wallace

University of Washington, College of Arts and Sciences, Department of Economics, Students ( email )

Box 353330
Seattle, WA 98195-3330
United States

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