Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/278257 
Year of Publication: 
2022
Series/Report no.: 
ECONtribute Discussion Paper No. 208
Publisher: 
University of Bonn and University of Cologne, Reinhard Selten Institute (RSI), Bonn and Cologne
Abstract: 
For most decisions, we rely on information encountered over the course of days, months or years. We consume this information in various forms, including abstract summaries of multiple data points - statistics - and contextualized anecdotes about individual instances - stories. This paper proposes that we do not always have access to the full wealth of our accumulated information, and that the information type - story versus statistic - is a central determinant of selective memory. In controlled experiments we show that the effect of information on beliefs decays rapidly and exhibits a pronounced story-statistic gap: the average impact of stories on beliefs fades by 33% over the course of a day, but by 73% for statistics. Consistent with a model of similarity and interference in memory, prompting contextual associations with statistics improves recall. A series of mechanism experiments highlights that the lower similarity of stories to interfering information is the key driving force behind the story-statistic gap.
Subjects: 
Memory
Belief Formation
Stories
Narratives
Statistical Information
Document Type: 
Working Paper

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