Content Moderation with Shadowbanning
研究影子禁令（隐藏内容但不通知用户）与传统内容移除的比较，发现当用户适度相信影子禁令存在时，平台用户规模、利润和社会福利均更高，但效果取决于用户信念和审核技术准确性。
Social media platforms face increasing pressure to moderate harmful content while preserving user engagement and free expression. We examine shadowbanning—a strategy that hides content without notifying the user—and compare it to traditional content removal. Our results show that if users only moderately believe that shadowbanning occurs, the platform benefits from a larger user base and higher profit, which also leads to greater social welfare than with content removal or no moderation. Shadowbanning allows the platform to reduce users’ exposure to extreme content without deterring content creators, enabling more participation of users across the extremeness spectrum. However, outcomes depend on user beliefs and the accuracy of moderation technology. When users are highly suspicious of shadowbanning or when moderation tools are significantly imperfect, the platform’s incentives—and the societal benefits—decline. These findings offer practical insights for platform designers and regulators: shadowbanning can be effective, but its benefits hinge on how transparently and accurately it is implemented. Policymakers should account for user perceptions and technological capabilities when evaluating or regulating opaque moderation strategies.