Cognitive dissonance
Cognitive dissonance results from holding two opposing views or thoughts. However, holding two opposing views makes people feel uncomfortable and cause them to choose one option to maintain cognitive consistency.
In decision-making, individuals tend to see one option as more valuable once they've chosen it. Even considering an alternative can cause cognitive dissonance, resulting in sticking with the status quo.
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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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