“People will claim that something is rigorous because it's by an authority figure or it's written in a book. But anyone can write a book.”
We often think the solution to misinformation is fact checking. But just checking facts is not enough. Even if a fact is 100% accurate, it could still be misleading – it could be a large-scale correlation when there’s no causation.
The solution to misinformation is not obtaining a PhD in statistics, London Business School professor Alex Edmans and author of “May Contain Lies” argues. We often already possess the discerning skills to distinguish truth within ourselves.
Misinformation is so prevalent today because we suffer from confirmation bias, or the idea that we have a certain view of the world and we will latch onto any piece of evidence that supports our viewpoint. When we inject skepticism into our thought process, we can overcome these biases.
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About Alex Edmans:
Alex Edmans is Professor of Finance at London Business School. Alex graduated from Oxford University and then worked for Morgan Stanley in investment banking (London) and fixed income sales and trading (New York). After a PhD in Finance from MIT Sloan as a Fulbright Scholar, he joined Wharton in 2007 and was tenured in 2013 shortly before moving to LBS.
Alex’s research interests are in corporate finance, responsible business and behavioural finance. He is a Director of the American Finance Association; Vice President of the Western Finance Association; Fellow, Director, and Chair of the Ethics Committee of the Financial Management Association; Fellow of the British Academy; and Fellow of the Academy of Social Sciences. From 2017-2022 he was Managing Editor of the Review of Finance, the leading academic finance journal in Europe.
Alex has spoken at the World Economic Forum in Davos, testified in the UK Parliament, presented to the World Bank Board of Directors as part of the Distinguished Speaker Series, and given the TED talk What to Trust in a Post-Truth World and the TEDx talks The Pie-Growing Mindset and The Social Responsibility of Business with a combined 2.8 million views. He has written for the Wall Street Journal, Financial Times, Harvard Business Review and World Economic Forum and been interviewed by Bloomberg, BBC, CNBC, CNN, ESPN, Fox, ITV, NPR, Reuters, Sky News, and Sky Sports.
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