Correlation Neglect in Belief Formation
Abstract
Many information structures generate correlated rather than mutually independent signals, the news media being a prime example. This article provides experimental evidence that many people neglect the resulting double-counting problem in the updating process. In consequence, beliefs are too sensitive to the ubiquitous “telling and re-telling of stories” and exhibit excessive swings. We identify substantial and systematic heterogeneity in the...
Paper Details
Title
Correlation Neglect in Belief Formation
Published Date
Dec 22, 2017
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