Words to live by

I propose a model of a social media platform which manages a two-sided market composed of content producers and consumers. The key trade-off is that consumers dislike low-quality content, but including low-quality content provides attention to producers, which boosts the supply of high-quality content in equilibrium. If the attention labor supply curve is sufficiently concave, then the platform includes some low-quality content, though a social planner would include even more.

That is from the job market paper of Karthik Srinivasan of University of Chicago Booth School of Business.  Via Gavin Leech.