Understanding the dynamics emerging from infodemics: A call to action for interdisciplinary research

TL;DR

This paper emphasizes the importance of interdisciplinary research combining Business, Economics, Computer Science, Linguistics, and Cognitive Science to understand the complex dynamics of infodemics and their impact on economic behaviors.

Contribution

It advocates for integrating multiple scientific disciplines to better understand the complex behavioral patterns emerging from infodemics affecting economic systems.

Findings

Infodemics influence household spending and online purchasing behaviors.

Algorithms and misinformation shape belief formation and revision.

Long-term economic impacts include changes in investments and markets.

Abstract

Research on infodemics, i.e., the rapid spread of (mis)information related to a hazardous event, such as the COVID-19 pandemic, requires the integration of a multiplicity of scientific disciplines. The dynamics emerging from infodemics have the potential to generate complex behavioral patterns. In order to react appropriately, it is of ultimate importance for the fields of Business and Economics to understand the dynamics emerging from it. In the short run, dynamics might lead to an adaptation in household spending or to a shift in buying behavior towards online providers. In the long run, changes in investments, consumer behavior, and markets are to be expected. We argue that the dynamics emerge from complex interactions among multiple factors, such as information and misinformation accessible for individuals and the formation and revision of beliefs. (Mis)information accessible to individuals is, amongst others, affected by algorithms specifically designed to provide personalized information, while automated fact-checking algorithms can help reduce the amount of circulating misinformation. The formation and revision of individual (and probably false) beliefs and individual fact-checking and interpretation of information are heavily affected by linguistic patterns inherent to information during pandemics and infodemics and further factors, such as affect, intuition and motives. We argue that, in order to get a deep(er) understanding of the dynamics emerging from infodemics, the fields of Business and Economics should integrate the perspectives of Computer Science and Information Systems, (Computational) Linguistics, and Cognitive Science into the wider context of economic systems (e.g., organizations, markets or industries) and propose a way to do so.