The quality and variety of information in the digital and traditional media: Competition and complementarity

In recent years the internet and social media have established themselves as primary sources of information and have become an integral part of political communication. The speed with which news is published and circulated, and the possibility, especially with mobile devices, of consuming information from anywhere, even while involved in other activities, have caused the internet to become central to many current events. It’s increasingly important to question the quality and variety of the information that’s available online. This is the topic that’s becoming more and more central to political debate because, as is also true for traditional media, making accurate information available is one of the essential conditions not only for being able to choose the best products and services in several markets, but for making informed political choices as well. Therefore, proper functioning of the information market has important externalities which affect both the political system and the proper functioning of many financial sectors. After decades of expansion in information markets, it’s clear that a simple quantitative increase in the amount of information available isn’t enough to prevent individuals from being insufficiently or poorly informed, and it rather introduces issues regarding the trustworthiness, quality, and relevance of the information.