Status Quo Bias
It states that people tend not to change the things that already exist and are happening in their lives.
Many companies use this to their advantage, for instance, having zombie customers (people who pay but don't use the software)
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Similar ideas to Status Quo Bias
8. Status Quo Bias:
People prefer things to stay the same and are resistant to change, even when change could be beneficial. You might resist switching to a new phone model even though it offers significant improvements over your current one.
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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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