Keyword Analysis & Research: status quo bias business

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What are status quo bias and how do they affect business decisions?

New products are another area where Status Quo Bias leads to sub-optimal decisions. Companies may not introduce a new product because they fear it will negatively impact their existing products, even though the net impact would be positive.

What is a status quo alternative?

RICHARD ZECKHAUSER Harvard University Key words: decision making, experimental economics, status quo bias, choice model, behavioral economics, rationality Abstract Most real decisions, unlike those of economics texts, have a status quo alternative-that is, doing noth- ing or maintaining one’s current or previous decision.

Is the status quo bias an obstacle in transition to allotment?

Similarly, the status quo bias can be viewed as an obstacle in the transition to bet- ter allocational decisions. As such, it has the same effect as the transaction (or transition) cost so often invoked by economists.

Is there a status quo bias in loss aversion?

Status quo bias attributed to loss aversion depends directly on the framing of gains and losses.

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