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The Speed-Accuracy Tradeoff in Markets for News

Student: Tsinman Daniil

Supervisor: Tatiana Mayskaya

Faculty: International College of Economics and Finance

Educational Programme: Double degree programme in Economics of the NRU HSE and the University of London (Bachelor)

Year of Graduation: 2020

The advent of the Internet has significantly contributed to the increased variety of newsagents in the 21st century. Coupled with the sensitivity of financial markets to "breaking news'' and the fast pace of our lives, competition is encouraging the media towards swifter delivery of unverified stories. In a signalling model, we demonstrate that this trade-off between speed and accuracy can be resolved with market expansion. This paper argues that in a more competitive environment, the influence of preemption decays, while reputation-building becomes more profitable as more agents enter the media space. It follows that competition can diminish the amount of inaccurate and untested information in modern hybrid conflicts.

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