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.
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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...
The world of the status quo bias
Making an alternative choice is hard because we are neurologically wired to favor the default solution, even if it brings suboptimal results.
As the complexity of a decision increases, so does our tendency to stick with the answer we know.
Negativity bias and decision making
We make decisions based on the information that we have. However, we tend to be more reliant on the negative more than the positive. This causes two outcomes:
Risk aversion – where we prefer an assured outcome over a gamble with a higher expected outcome; and
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