Populism and polarization in social media without fake news : the vicious circle of biases, beliefs and network homophily

  • We build a search-and-matching algorithm of network dynamics with decision-making under incomplete information, seeking to understand the determinants of the observed gradual downgrading of expert opinion on complicated issues and the decreasing trust in science. Even without fake news, combining the internet’s ease of forming networks with (a) individual biases, such as confirmation bias or assimilation bias, and (b) people’s tendency to align their actions with those of peers, produces populist and polarization network dynamics. Homophily leads to actions with more weight on biases and less weight on expert opinion, and such actions lead to more homophily.

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Author:Zaruhi Hakobyana, Christos Koulovatianos
Parent Title (English):Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 626
Series (Serial Number):CFS working paper series (626)
Publisher:Center for Financial Studies
Place of publication:Frankfurt, M.
Document Type:Working Paper
Year of Completion:2019
Year of first Publication:2019
Publishing Institution:Universitätsbibliothek Johann Christian Senckenberg
Release Date:2019/08/12
Tag:biased assimilation; conÖrmation bias; expert opinions; higher-order beliefs; internet; learning; network dynamics
Issue:July 15, 2019
Page Number:44
Institutes:Wirtschaftswissenschaften / Wirtschaftswissenschaften
Wissenschaftliche Zentren und koordinierte Programme / Center for Financial Studies (CFS)
Dewey Decimal Classification:3 Sozialwissenschaften / 33 Wirtschaft / 330 Wirtschaft
Licence (German):License LogoDeutsches Urheberrecht