Keyword Analysis & Research: explain status quo bias

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Frequently Asked Questions

What is the history of status quo bias?

The term was first introduced in 1988 by Samuelson and Zeckhauser, who demonstrated status quo bias through a series of decision-making experiments. Status quo bias has been explained through a number of psychological principles, including loss aversion, sunk costs, cognitive dissonance, and mere exposure.

Can loss aversion explain the status quo bias?

Loss aversion, therefore, cannot wholly explain the status quo bias, with other potential causes including regret avoidance, transaction costs and psychological commitment. A status quo bias can also be a rational route if there are cognitive or informational limitations. Decision outcomes are rarely certain, nor is the utility they may bring.

What are status quo bias tables LA-LC?

Tables la-lc demonstrate the presence of (statistically significant) status quo bias across decision tasks and across alternatives within decision tasks. Pooling the data in these tables provides a summary measure of the overall degree of bias.

How do you determine whether a study is bias-free?

That is, for bias-free subjects, y should be nearly equal to (but slightly less than) X. On the other hand, if status quo bias is signifi- cant, one would expecty > x, reflecting a preference for the status quo (regardless of what the status quo is).

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