|status quo bias cfa||1.27||0.2||2060||26|
The status quo bias describes our preference for the current state of affairs; resulting in resistance to change. Most of us work & live in environments that aren’t optimized for solid decision-making. We work with organizations of all kinds to identify sources of cognitive bias & develop tailored solutions.How are we exposed to the status quo?
By definition, we are exposed to the status quo more than we are exposed to anything that is not the status quo. According to the mere exposure effect, that exposure itself creates a preference for the status quo. Status quo bias is sometimes the component of a rational choice.When is it rational to stick with the status quo?
When the cost of the transition is greater than the gains brought about by switching to the alternative, it is rational to stick with the status quo. Status quo bias becomes irrational when an individual ignores choices that can improve their situation simply because they want to maintain the status quo.How do Sunk Costs contribute to status quo bias?
Sunk costs contribute to status quo bias because the more that an individual invests in the status quo, the more likely he or she is to continue to invest in the status quo. When individuals are faced with inconsistent thoughts, they experience cognitive dissonance; an uncomfortable feeling that most people wish to minimize.