All Else Equal: Making Better Decisions

Ep46 "May Contain Lies" with Alex Edmans

May 30, 2024

Finance professors discuss the impact of misinformation with guest Alex Edmans, a finance professor. They explore biases in research, advocacy-driven studies, and the importance of critical thinking. The podcast delves into strategies for enhancing decision-making through cognitive diversity and promoting open debate to tackle misinformation and biases.

29:04

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Episode guests

Alex Edmans

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Episode notes

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Quick takeaways

Intellectual diversity is crucial to making better decisions and avoiding biases in society.

Addressing misinformation requires promoting critical thinking, diverse perspectives, and dissent to overcome biases.

Deep dives

Key Points from May Contain Lies Book Discussion

The discussion in the podcast revolves around a new book called May Contain Lies, authored by Alex Edmonds. The book explores the prevalence of disinformation and the challenges in decision-making amidst an overflow of misinformation from various sources. Emphasizing the impact of confirmation bias and the importance of intellectual diversity, the book highlights how societal decisions can benefit from considering diverse viewpoints and avoiding biases.

Introduction

2min

Navigating Biases and Misinformation

10min

Optimizing Decision-Making Through Cognitive Diversity

7min

Tackling Misinformation and Biases

7min

Navigating Societal and Psychological Factors in Open Debate

4min

What is the real problem with misinformation? Are our biases so ingrained in us that we are unable to think critically about the world and the systems around us? What happens when large institutions attempt to push a heterodox narrative? Do we simply need more education to overcome misinformation, or do we need something much deeper—to learn to think critically again? In this episode, hosts and finance professors Jonathan Berk and Jules van Binsbergen welcome Alex Edmans, Professor of Finance at London Business School to discuss his latest book, May Contain Lies: How Stories, Statistics, and Studies Exploit Our Biases – And What We Can Do About It.

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All Else Equal: Making Better Decisions Podcast is a production of Stanford Graduate School of Business and is produced by University FM.

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