Keyword Analysis & Research: status quo bias in decision making

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What is the status quo bias?

The status quo bias is best viewed as a deeply rooted decision-making practice stem- ming partly from a mental illusion and partly from psychological inclination. Some examples of status quo effects in practice should be instructive.

Do decision makers ex-hibit the status quo?

This article reports the results of a series of decision-making experiments designed to test for status quo effects. The main finding is that decision makers ex- hibit a significant status quo 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).

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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