Why Does This Effect Take Place
This effect is consistent with the loss of aversion tendency that humans have.
- We as humans think that sticking with the default is the safe thing to do
- Decision Making Can Be Overwhelming
When faced with a choice humans have learned over time that the status quo is the most safe option
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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...
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.
Framing Effect
Imagine that there is an outbreak of a deadly disease that will kill 600 people and you must choose between the two options -
- Option 1: Guarantees that 200 people will live.
- Option 2: Provides a one-third probability that all 600 people will ...
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