One problem with fake news? It really, really works (Replay)
This marketplace podcast is brought to you by. Indeed, are you hiring with? Indeed, you can post a job in minutes set up screener questions than zero in on your shortlist of qualified candidates using an online dashboard get started today at indeed that com slash marketplace. That's indeed dot com slash marketplace. And by Kabo this holiday season, give your loved ones the gift of stress free TV with control center Bykov. Oh, the easy way to control everything connected to your TV with just one remote control center is available at C a veto dot com and best buy control center by Kabo one remote that does it all. The problem with fake news. Is that it really really works from American public media. This is marketplace tech demystifying the digital economy. I'm Molly would. This year fake news made a huge splash as companies and governments tried to figure out who should be in charge of spotting misinformation and getting rid of it something they're still dealing with. And we'll be well into twenty nineteen MIT researchers the non Rawl has found that the not true stuff what he calls. False news is not only hard to stop. But that it's really effective. A recent study found that false news travels way, more efficiently and much farther than the truth. In an article published this year in the Harvard Business Review Arale says that misinformation can have some very real costs. There's a story from Brock Obama's presidency where a false tweet that indicated that he was injured in an explosion wiped out one hundred thirty billion dollars of equity value in a single day. These types of stories can have consequential impacts on our democracy on businesses on our national security. And so it's a problem we really need to concentrate on. So what can be done one of the things you talk about changing the incentives for companies, either disincentivising them to spread misinformation or incentivizing them to fight it. What are they doing? What could they be doing? Yes. So when you when it comes to changing, the incentives, we know now that a lot of the false news that spreads is not spread for political reasons, but is spread for economic reasons. The social media advertising ecosystem monetize his attention or eyeballs to content and if false news spreads farther faster, deeper and more broadly than the truth than it is incentivizes producers of false news to produce more false news in order to earn more advertising revenue if platforms like Facebook are to be responsible for the spread of known falsities than they could use policies. Technologies algorithms to reduce or dampen the spray. Of this type of news, which may reduce the incentive to create it in the first place. Talk to me about consumer behavior because changing consumer behavior seems like the most uphill battle of all like, well, this alternately fall on companies and or regulators. So it's interesting you talk about consumer behavior because as we were doing this study. There was a lot of congressional testimony talking about the role of bots or software programs and spreading false news. And what we found was that. In fact, bots spread false and true news at approximately the same rate. So Botts could not explain why false news traveled so much farther faster deeper and broadly than the truth over the ten years of data that we studied on Twitter what that means is human decision making is contributing significantly to the spread of false news. So understanding how to think about consumer behavior is a really important part. Of dealing with the false. News podrumedic, synon- Arale is a researcher at MIT and head of that school's initiative on the digital economy. His paper argues that algorithms will play a huge role in spotting false information online, but twenty nine thousand nine could see a new era of fake news. Forget false articles. We may start seeing lots of fake videos to I'm Molly would and that's marketplace tech. This is a PM December thirty first is coming up fast. And that means time is running out to support marketplace and make your gift go twice as far donate today. Marketplace dot org to invest in news, you value and trust and your contribution in any amount will be matched dollar for dollar by our friends at can Dida thanks for believing in what we do this. Marketplace podcast is brought to you by. Indeed when it comes to hiring. You don't have time to waste you need help getting your shortlist of qualified candidates fast. That's why you need indeed dot com post a job in minutes. Set up screener questions then zero in on qualified candidates using. An intuitive online dashboard. And when you need to hire fast, accelerate your results with sponsor jobs. New users can try for free at indeed dot com slash marketplace. That's indeed dot com slash marketplace. Terms, conditions, and quality standards apply.