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May Contain Lies: How Stories, Statistics, and Studies Exploit Our Biases―And What We Can Do about It First Edition

4.6 4.6 out of 5 stars 94 ratings

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Adam Grant’s “8 New Idea Books to Start Spring”
Next Big Idea Club's Must-Read Books for May 2024
"A wonderful litany of the myriad ways in which we can be deceived, and deceive ourselves."—The Guardian
“Highlights how first recognizing our biases and then taking small but intentional steps to overcome them can have an outsized effect on the quality of our decisions."—Inc.

How our biases cause us to fall for misinformation—and how to combat it.

Our lives are minefields of misinformation. It ripples through our social media feeds, our daily headlines, and the pronouncements of politicians, executives, and authors. Stories, statistics, and studies are everywhere, allowing people to find evidence to support whatever position they want. Many of these sources are flawed, yet by playing on our emotions and preying on our biases, they can gain widespread acceptance, warp our views, and distort our decisions.
 
In this eye-opening book, renowned economist Alex Edmans teaches us how to separate fact from fiction. Using colorful examples—from a wellness guru’s tragic but fabricated backstory to the blunders that led to the Deepwater Horizon disaster to the diet that ensnared millions yet hastened its founder’s death—Edmans highlights the biases that cause us to mistake statements for facts, facts for data, data for evidence, and evidence for proof.
 
Armed with the knowledge of what to guard against, he then provides a practical guide to combat this tide of misinformation. Going beyond simply checking the facts and explaining individual statistics, Edmans explores the relationships
between statistics—the science of cause and effect—ultimately training us to think smarter, sharper, and more critically. May Contain Lies is an essential read for anyone who wants to make better sense of the world and better decisions.


From the Publisher

Our lives are minefields of misinformation
Reviews for May Contain Lies
May Contain Lies reveals how our biases cause us to fall for misinformation - and how to combat it.

Editorial Reviews

Review

"A wonderful litany of the myriad ways in which we can be deceived, and deceive ourselves." ― The Guardian

"Confirmation bias can seem so engrained in us that it's difficult to shake. But Edmans highlights how first recognizing our biases and then taking small but intentional steps to overcome them can have an outsized effect on the quality of our decisions." ―
Inc.

"A clear-headed guide to the exaggerations, sloppy research and the occasional downright lies peddled by companies, universities, authors and Ted Talk gurus. . . . Edmans is determined to make us better, more critical thinkers." ―
The Times

"Edmans might believe that we’re post truth, but he also proposes that it is in everyone’s grasp to become smarter thinkers." ―
Financial Times

"Edmans is out to help us better understand and analyse the data we are fed, and to aid us in becoming more sceptical. . . . The appendix (“a checklist for smarter thinking”) should be required reading."
  ―
New Scientist

"Shows us how to be more discerning with evidence. . . . Is a statement a fact, is a fact truly data, is that data genuinely evidence, and is that evidence proof? The book provides tips for sussing that out." ―
Times of India

"While the subject matter can be dense at times, Edmans' engaging writing style and judicious use of anecdotes and case studies make the book accessible to a wide audience. "
May Contain Lies" serves as a valuable resource for anyone seeking to navigate the complex landscape of information and make more informed decisions, whether in their personal or professional lives." ― S&G Consulting

"Elegantly structured around an ascent up the ladder of ‘misinference.' " ―
RealClearEnergy

"
May Contain Lies is focused on identifying what is and isn’t reliable information. In a time when it feels like we are surrounded by more and more sources of misinformation and disinformation, this is certainly a welcome lesson." ― GeekDad

“A practical-minded approach to various forms of mangled logic, appeals to bogus authority and other commonplace forms of cognitive distortion. . . . Besides identifying the problem, the author offers clearly formulated approaches to countering it. Every high school freshman should take a one-semester course with this as its textbook.” ―
Inside Higher Ed

From the Back Cover

"Brilliantly researched and written and immensely practical in helping guide us through this thicket of (mis)information. I am already drawing on its insights in my everyday decision-making."—Andy Haldane, former Chief Economist, Bank of England
 
"A fascinating account of how to navigate through lies and misleading statistics to arrive at a reasonable approximation of the truth. A valuable aid to make sense of our confusing world."—Raghuram G. Rajan, Professor, University of Chicago, former Governor, Reserve Bank of India, and former Chief Economist, International Monetary Fund
 
"A powerful and punchy explanation of why misinformation is a problem that affects us all—be that in finance, politics, media, business, or anywhere else. Edmans offers clear ideas about how to counter this, not just in our own lives but also across society as a whole. Timely and very provocative!"—Gillian Tett, Editor-at-Large,
Financial Times

"A masterpiece! A must-read book that is a delight to consume and sure to improve the quality of your thinking."—Katy Milkman, Professor, The Wharton School of the University of Pennsylvania, author of
How to Change

"Mass disinformation and poor understanding of basic statistics are the hallmarks of our 'information age.' Alex Edmans's book is the much-needed antidote."—Vaclav Smil, author of
How the World Really Works and Numbers Don't Lie

"A passionate and dispassionate call to truth—and how to achieve it—in a world of growing disinformation in which truth and common ground are the casualties."—Will Hutton, President, Academy of Social Sciences, author of
The State We’re In

"A hard-hitting book with some great stories."—Andrew Gelman, Professor of Statistics and Political Science, Columbia University
 
"How should we determine what to believe and when to be skeptical of what we read and hear? Professor Alex Edmans has written a brilliant, engaging book about how to deal with our age of endless information. With terrific examples throughout, this is a book we all would benefit from reading."—Erwin Chemerinsky, Dean, University of California, Berkeley, School of Law

"
May Contain Lies should be required reading for anyone venturing an opinion near a microphone or a screen. It's a lucid, honest, and vital guide to statistical reasoning, and a life raft of clarity in an ocean of lies."—Raj Patel, Research Professor, Lyndon B. Johnson School of Public Affairs, University of Texas at Austin

"“Entertaining, thorough and full of current examples. . . . It’s excellent."—Jason Zweig

Product details

  • Publisher ‏ : ‎ University of California Press; First Edition (May 14, 2024)
  • Language ‏ : ‎ English
  • Hardcover ‏ : ‎ 336 pages
  • ISBN-10 ‏ : ‎ 0520405854
  • ISBN-13 ‏ : ‎ 978-0520405851
  • Item Weight ‏ : ‎ 1.3 pounds
  • Dimensions ‏ : ‎ 6 x 1.2 x 9 inches
  • Customer Reviews:
    4.6 4.6 out of 5 stars 94 ratings

About the author

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Alex Edmans
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Alex Edmans is Professor of Finance at London Business School. Alex has a PhD from MIT as a Fulbright Scholar, and was previously a tenured professor at Wharton and an investment banker at Morgan Stanley. Alex has spoken at the World Economic Forum in Davos, testified in the UK Parliament, 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 serves as non-executive director of the Investor Forum, on the World Economic Forum’s Global Future Council on Responsible Investing, and on Royal London Asset Management’s Responsible Investment Advisory Committee.

Alex’s book, “Grow the Pie: How Great Companies Deliver Both Purpose and Profit”, was a Financial Times Book of the Year for 2020 and has been translated into nine languages, and he is a co-author of “Principles of Corporate Finance” (with Brealey, Myers, and Allen). He has won 25 teaching awards at Wharton and LBS and was named Professor of the Year by Poets & Quants in 2021. His latest book, "May Contain Lies: How Stories, Statistics, and Studies Exploit Our Biases – And What We Can Do About It" will be published by Penguin Random House in April 2024.

Customer reviews

4.6 out of 5 stars
94 global ratings

Customers say

Customers find the book insightful, informative, and engaging. They say it helps them understand and overcome their biases. Readers also appreciate the author's practical advice and well-known examples. They describe the book as powerful yet simple, and the author clearly explains the issues.

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7 customers mention "Thought provoking"7 positive0 negative

Customers find the book insightful, informative, and engaging. They say it helps them understand and overcome their biases. Readers also appreciate the framework that makes complex concepts accessible. Overall, they say the book is well worth reading and uses well-known examples like the Deepwater Horizon oil spill.

"Very well written and on point...." Read more

"...Edman's practical advice, readability, and use of well-known examples like Deepwater Horizon and Theranos make the book both engaging and informative..." Read more

"Good stuff, but the book wanders around getting to the author's points." Read more

"A great, insightful book that I read in one go, and I am sure I will come back many times...." Read more

4 customers mention "Readability"4 positive0 negative

Customers find the book to be powerful and deep yet simple to read. They also appreciate the author's clear explanation of issues and encourages the reader to use an understanding of statistics.

"Very well written and on point. The author clearly explains the issues and encourages the reader to use an understanding of how information is..." Read more

"...Edman's practical advice, readability, and use of well-known examples like Deepwater Horizon and Theranos make the book both engaging and informative..." Read more

"...it is powerful and deep, yet simply written, so non-experts in statistics, psychology, and economics could understand it well...." Read more

"...This book, "May Contain Lies", is an important work and is easy to read." Read more

Top reviews from the United States

Reviewed in the United States on August 23, 2024
Very well written and on point. The author clearly explains the issues and encourages the reader to use an understanding of how information is manipulated and critical thinking to identify and filter out misinformation. Highly recommended
Reviewed in the United States on May 18, 2024
"May Contain Lies" is an essential read for anyone navigating the complex information landscape of the 21st century. Edmans's book provides a comprehensive guide to understanding (and mitigating) psychological biases, such as confirmation bias and black-and-white thinking, that often lead us astray. Edman's "Ladder of Misinference," categorizes misinformation into four missteps, helping readers assess the quality and rigor of information from various sources. This framework makes complex concepts accessible, even to those unfamiliar with advanced topics.

Edman's practical advice, readability, and use of well-known examples like Deepwater Horizon and Theranos make the book both engaging and informative. His discussions on sustainability, ESG, and DEI issues highlight the importance of evidence-based decision-making in today's polarized world. The book's appendix, "A Checklist for Smarter Thinking," also offers a set of actionable steps for individuals, organizations, and societies to foster critical thinking and make smarter, evidence-based decisions.

"May Contain Lies" is a timely and invaluable resource for anyone seeking to discern truth from misinformation in an era of rapid information spread. Highly recommend!
4 people found this helpful
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Reviewed in the United States on September 22, 2024
Good stuff, but the book wanders around getting to the author's points.
Reviewed in the United States on May 21, 2024
A great, insightful book that I read in one go, and I am sure I will come back many times. it is powerful and deep, yet simply written, so non-experts in statistics, psychology, and economics could understand it well. I first encountered Alex Edmans when I watched his TED talk “What to Trust in a Post-Truth World” that was full of insights (and with two million views, the world seems to agree!). And so I was looking forward to read the book -- and indeed his book dives deeper into the first-order challenges of misinformation, and how we all can do better to separate fact from fiction.

I ordered 10 more copies to give as a gift to friends!!
3 people found this helpful
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Reviewed in the United States on May 29, 2024
I enjoy reading Alex Edmans' books, articles, podcast interviews and academic presentations. This book, "May Contain Lies", is an important work and is easy to read.
Reviewed in the United States on May 26, 2024
Alex Edmans offers practical tips on how to be aware of personal biases and apply critical thinking in daily interactions. I’m looking forward to discussing this and applying what I’ve learned with my friends and colleagues.
Reviewed in the United States on October 2, 2024
Very much enjoyed this book and the timing is ideal given the state of "information overload" that has become the norm. In this highly readable book, Alex distills the path towards deeper and better understanding of the difference between "truth" -- evidence-based research and "lies" -- what the researcher/writer conveys by playing on our all-too-human tendency towards multiple biases. This book should be required reading for anyone seeking to discern fact from fiction. The stories Alex shares from his own academic and personal journey bring the narrative to life with humor and humility making what could be an academic slog highly readable and entertaining.
Reviewed in the United States on September 7, 2024
It's great when Edmond talks about the fallacy in popular reasearchs and books. Alex's Edmond background is in finance and he gets into some financial topics that are hard to relate to.
Also, in second half he talks about how to be better community members which is an idealistic endeavor in this day and age.

Top reviews from other countries

Alex B
5.0 out of 5 stars Thought-provoking, practical and entertaining!
Reviewed in the United Kingdom on September 9, 2024
A thought-provoking analysis of a major global problem (misinformation) that also offers practical steps on how to identify and tackle misleading claims. It made me reassess how I can think critically in a more structured way and made me reflect on some instances where I have not questioned my biases. It's also an entertaining read, using interesting anecdotes and stories to illustrate the argument.
One person found this helpful
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Kindle Customer
5.0 out of 5 stars Brilliant Text for Navigating the Age of Information Overload
Reviewed in Australia on July 13, 2024
Alex has successfully communicated how to apply complex evidence-based analysis & concepts into a workable framework. In an era where information is widely available & many use it to advance their own agendas rather than pursue genuine truth to benefit themselves & society at large, Alex has been able to express a useful way to more easily identify those attempts so we can make better decisions rather than to concede to those who make audacious claims in a charismatic manner. He provides a guide for navigating simple statements to complex ideas and has presented his views in a way that I would say has been more effective for moving towards solutions compared to many texts I have been exposed to in the university setting. A great text for learning how to vet information at many levels. Well done Alex.
Tom Gosling
5.0 out of 5 stars Entertaining, insightful, practical
Reviewed in the United Kingdom on May 16, 2024
Another great book from the prolific Prof Alex Edmans, who is on top form here with his trademark combination of rigorous thinking, entertaining anecdotes and stories, and practical advice.

Although he is a leading academic authority in his field, Alex Edmans steps firmly out of the ivory tower with May Contain Lies to provide a book that is readable and useful for both non academic and academic audiences.

The book starts with a description of the main cognitive biases that cause us to succumb to (or promulgate) misinformation.

It then goes on to describe how these biases cause us to make specific mistakes in the interpretation of data using an innovative analogy: the ladder of misinference.

Thirdly, Edmans provides practical tools for us to protect against misinformation. Most helpfully, these are not hopelessly ambitious algorithms but rather simple ways in which we can deploy our natural discernment to protect ourselves against (self) deceit.

It’s entertaining, punchy, and with the rigour and clear thinking that has become Edmans’ trade mark running through it like a stick of rock. Highly recommended - a brilliant book.
2 people found this helpful
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Krzysztof Wojtas
4.0 out of 5 stars Very good read. Books like this should be mandatory for every teenager and adult
Reviewed in the United Kingdom on May 31, 2024
Very good read regarding reducing our biases and flaws. Highly recommended!
One person found this helpful
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Ridon Vokshi
5.0 out of 5 stars Critical Thinking in the Age of Misinformation
Reviewed in the United Kingdom on June 9, 2024
I must state clearly that this is one of the best books I have ever read! Having just completed my Executive MBA, I wish this book had been published earlier; it would have made me even more critical in my assignments. This book is a must-read for everyone, and it is explained so well that anyone, regardless of their field, can understand it.

The book delves into the issue of misinformation. Its central message is that merely checking facts is insufficient. Even facts that are 100% accurate can be misleading.

The book begins by highlighting the biases that make us susceptible to misinformation. According to the World Economic Forum's (WEF) Global Risks Report 2024, misinformation and disinformation have emerged as the top risk over the next two years. This underlines the importance of understanding how easily we can be misled.

The second part introduces the Ladder of Misinference, categorizing misinformation into four missteps. This framework helps readers identify and understand the different ways misinformation can distort reality.

Finally, the last section discusses how individuals, organizations, and societies can think more intelligently and critically. The book also includes a "Checklist for Thinking Smarter," which provides questions we can ask ourselves to accurately evaluate statements, facts, data, and evidence.

What I liked a lot is that the book includes a conclusion/summary after each chapter, making it easier to consolidate the key points and insights discussed. To sum up, the book not only exposes the dangers of misinformation but also equips readers with practical strategies to navigate an increasingly complex information landscape.
2 people found this helpful
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