2025/04/29 by Jiang, Hanyuan, Yi Man, Man, Yi
Business, Management and Accounting · Environmental Science · Social Sciences · #Computer Science and Game Theory (cs.GT) #Econometrics (econ.EM) #F.2.2 #FOS: Computer and information sciences #FOS: Economics and business #FOS: Mathematics #FOS: Physical sciences #G.1.6 #General Economics (econ.GN) #H.2.8 #I.2.11 #I.2.6 #I.6.5 #Innovation, Sustainability, Human-Machine Systems #J.4 #Management and Organizational Studies #Optimization and Control (math.OC) #Physics and Society (physics.soc-ph) #Social and Information Networks (cs.SI) #Sustainability and Climate Change Governance #Theoretical Economics (econ.TH)
paper · pdf · doi:10.48550/arxiv.2504.21060
openalex publication_date 2025/04/29 · openalex created_date 2025/10/10 · openalex updated_date 2026/07/28
We study how government-led narratives through mass media evolve from construct, a mechanism for framing expectations, into commitment, a sustainable pillar for growth. We propose the "Narratives-Construct-Commitment (NCC)" framework outlining the mechanism and institutionalization of narratives, and formalize it as a dynamic Bayesian game. Using the Innovation-Driven Development Strategy (2016) as a case study, we identify the narrative shock from high-frequency financial data and trace its impact using local projection method. By shaping expectations, credible narratives institutionalize investment incentives, channel resources into R&D, and facilitate sustained improvements in total factor productivity (TFP). Our findings strive to provide insights into the New Quality Productive Forces initiative, highlighting the role of narratives in transforming vision into tangible economic growth.