January 2016
Beginner
256 pages
9h 5m
English
Content preview from Handbook of Media Economics, vol 1B
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Let the power index be defined as
π ¼ min 2
σ 1,1ðÞ:
The minimal value, zero, occurs when
σ ¼1=2, meaning that A gets elected only when
she would get elected if reporting were unbiased, in which case the media owner has no
influence on elections. The maximal value occurs when
σ KðÞ1, meaning that A is
always elected, regardless of how bad she is in comparison to B.
The power index π corresponds to the maximal welfare loss that voters can experi-
ence as a result of biased reporting: instead of having B elected and receiving σ, they
receive 1 σ, generating a difference 2σ 1. This can be computed by summing the vote
shares over ...
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