Keyword Analysis & Research: the status quo bias

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What is status quo bias in economics?

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.

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.

Do you stick with your status quo when faced with decisions?

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. And most of the time, you aren’t even aware of how this bias affects your decisions.

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