Is Business Broken? How Can We Understand Online Misinformation?
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Oct 31, 2024 
Marshall Van Alstyne, an expert in information systems from Boston University, and Gordon Pennycook, a psychologist from Cornell University, discuss the alarming rise of misinformation online. They explore how social media amplifies falsehoods through cognitive biases and the urgent need for improved transparency in digital spaces. The two also propose innovative solutions like in-situ data rights to empower users, delve into the role of AI in combating disinformation, and examine the complex relationship between misinformation, market dynamics, and free speech.
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Information Overload Fuels Falsehoods
- Misinformation prevalence is hard to gauge due to information overload combined with declining political communication quality in the US.
- People often rely on tribalism and intuition for validation rather than verifying facts, causing decision errors.
Everyone's a Producer Today
- Social media decentralizes information production, making it difficult to discern valid sources.
- The scale and scope of misinformation have dramatically increased compared to traditional vetted media.
Repetition Makes Lies Seem True
- Repeating false information increases belief in its plausibility due to cognitive biases.
- People often accept repeated falsehoods intuitively without critical thinking, shifting their perception of truth.