I Bet You Didn't Know...

...you were decreasing the incentives for traditional media outlets to provide information while decreasing the information that is being suppressed by the mainstream media. You are, at least according to a new paper by Jeremy Burke. His new paper examines the incentives that face media providers. Here is the abstract:

A majority of Americans view news organizations as politically biased, creating a strong incentive
for firms to try to present themselves as impartial. This paper argues that the desire to appear
unbiased leads to information loss. In the formal model, firms withhold information in an effort to
appear neutral. It is shown that information loss is exacerbated by competition, policies that regulate
content are welfare reducing, and that regulating the size of the market can increase the amount of
information revealed. Finally, the introduction of imperfectly informed sources of news, such as blogs,
can decrease the incentives for traditional news outlets to provide information, yet they may also
enhance welfare when information is being suppressed.

...and the conclusion

Media outlets spend a significant amount of resources investing in their reputation for neutrality. This
paper has shown how the desire to appear unbiased can lead to information loss in the market for news. A
firm that is concerned with its appearance has an incentive to withhold information in order to maintain
its reputation for impartiality. Moreover, even if firms care arbitrarily little about their reputations, if
there is too much competition information will get lost. When there are many voices in the market, no
firm is willing to sacrifice its reputation since the chance it has an impact on the public's decision is
infinitesimal. Additionally, it was shown that policies regulating content can be welfare reducing, while
limiting the size of the market can provide an atmosphere conducive to information revelation. Finally,
the introduction of imperfectly informed sources of news, such as blogs, can decrease the incentives for
traditional media outlets to provide information, however they may also increase welfare if information is
being suppressed.

You can get the stuff in the middle here

--These conclusions seem to confirm what I already believe. The most depressing thing about problems with media incentives is that there is no effective way to attack them from a policy standpoint. This is why I encourage people speak out against the media when they see bad information is being provided. That is what I try to do. It's the only weapon we have against media pandering.