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We model populism as the dissemination of a false 鈥渁lternative reality鈥�,
according to which the intellectual elite conspires against the
populist for purely ideological reasons. If enough voters are receptive
to it, this alternative reality鈥攂y discrediting the elite鈥檚 truthful
message鈥攔educes political accountability. Elite criticism, because
it is more consistent with the alternative reality, strengthens receptive
voters鈥� support for the populist. Alternative realities are
endogenously conspiratorial to resist evidence better. Populists, to
leverage or strengthen beliefs in the alternative reality, enact harmful
policies that may disproportionately harm the non-elite. These
results explain previously unexplained facts about populism.
