All Else Equal: Making Better Decisions Rerun: Ep46 "May Contain Lies" with Alex Edmans
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Apr 29, 2026 
Alex Edmans, London Business School finance professor and author of May Contain Lies, explores why misinformation spreads and how institutions and incentives amplify bias. He discusses academia’s role, the risks of speaking truth in organizations, and practical strategies like cognitive diversity and reframing facts to reduce identity-driven reactions.
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Working Paper Reversal Used As Ongoing Propaganda
- An initial working paper claimed one thing, but peer review reversed its conclusion once errors were fixed.
- Hosts recount a case where an interest group kept citing the preliminary paper long after the published version contradicted it.
Misinformation Grows From Supply And Demand
- The rise in misinformation stems from both supply and demand dynamics.
- More consultancies and advocacy groups publish research as 'evidence' while audiences lack critical thinking and latch onto comforting conclusions.
Academic Promotion Can Reward Simplicity Over Rigor
- Universities can amplify biased findings because academics get promoted for giving clear, ideologically pleasing messages.
- Alex cites Amy Cuddy and other high-profile examples where catchy, debunked claims persist due to exposure.
