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In economics, status quo bias can cause individuals to make seemingly non-rational decisions to stay with a sub-optimal situation. For example, over a lifetime, it is rational to save for a pension.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.Does the status quo bias exist without gain/loss framing?
However, the status quo bias is maintained even in the absence of gain/loss framing: for example, when subjects were asked to choose the colour of their new car, they tended towards one colour arbitrarily framed as the status quo.Where is status quo bias in decision makmg 57 more space located?
STATUS QUO BIAS IN DECISION MAKMG 57 more space) in a recently completed office complex. The new office is located 5 minutes from your home, 25 minutes from Route 128, and 20 minutes from the air- port.