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Summary for “The Market for News”

(Need to read one long and professional article In this assignment, you are required to provide a maximum three-page typewritten summary of the following paper on the economics of media markets: Mullainathan, Sendhil, and Andrei Shleifer. 2005. “The Market for News.” American Economic Review 95 (4): 1031-1053. The emphasis of your summary should be on explaining the strategic interaction considered in the model of the paper and the main lessons of the paper. In particular, you summary is required to follow the outline below. Section 1 Purpose of the paper. Explain for a non-academic audience, without using any equations or mathematical symbols, the main research question of the paper. In short, precisely summarize the purpose of the paper. Also, explain the reasons why this research question is important in practice. Section 2: Strategic Environment Focus on the game modeled in the paper and describe (again without using any mathematical symbols) the strategic environment in the game. Who are the players? What are their strategies? What are they trying to maximize? Why does a media firm have an incentive to add bias into news in the game considered? Section 3: Main Results Focus on the results reported in the paper and describe again without using any mathematical symbols the main results: o How do the results differ (i) when the readers of news are homogenously biased and (ii) when the readers are heterogeneously biased? o How do the results differ (i) when there is a monopolistic news firm (ii) when there is duopolistic competition in the market for news? o How does competition affect the equilibrium bias in the news? Section 4: Conclusion Summarize what you learned from this paper. Again, your explanations must be targeting a non-expert audience. Do not use any symbols or mathematical expressions. Conclude by answering the following question: o Can there be any other incentive for media firms to add bias into news coverage, other than the one studied in this paper?