Early research of status quo bias
In a 1988 article named "Status quo bias in decision making", researchers described various decision-making experiments that demonstrated the existence of the bias.
In one experiment, two groups were given a hypothetical scenario of inheriting a large sum of money.
- Group one was instructed to invest the money by choosing from a series of equally valid fixed options.
- The other group were told that money was already invested in a certain way and then presented with alternative investment options.
- Participants in group two tended to choose the status quo.
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Status quo bias
Status quo bias is when we prefer that our environment and situation should remain unchanged.
The bias has the most impact in the area of decision-making, as we tend to prefer the more familiar choice over the less familiar, but often better, option.
Common Explanations for Status Quo Bias
These explanations are all irrational for preferring the status quo:
- Loss Aversion: When we make decisions, we weigh the potential for loss more heavily than the potential for gain.
- Sunk Costs: We continue to invest resources like time, mone...
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