Keyword Analysis & Research: status quo bias psychology

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What is status quo bias and why does it matter?

Understanding our intuitive biases can help us make better decisions. Status quo bias is a cognitive bias that explains our preference for familiarity. Many of us tend to resist change and prefer the current state of affairs. How powerful is this cognitive bias? Consider this thought experiment from the renowned philosopher, Robert Nozick:

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 there a status quo bias in loss aversion?

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

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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