Keyword Analysis & Research: status quo bias examples

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What is status quo bias and how can you overcome it?

What Is Status Quo Bias? Status Quo Bias is defined as a person’s innate preference for not doing something different from what they’re doing today. Over the years, a number of psychological studies have shown that when faced with a decision, the majority of people tend to stick with their status quo.

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).

Is status quo inertia evidence of status qua bias?

We emphasize, however, that status quo inertia is not itself evidence of status quo bias. It is perfectly possible that some subjects prefer the 6-O fleet (or the 6-4 fleet) under any economic conditions. A test of status quo bias requires a comparison of the appropriate marginal probabilities.

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.

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