Status quo bias in decision making

@article{Samuelson1988StatusQB,
  title={Status quo bias in decision making},
  author={William Samuelson and Richard J. Zeckhauser},
  journal={Journal of Risk and Uncertainty},
  year={1988},
  volume={1},
  pages={7-59}
}
Most real decisions, unlike those of economics texts, have a status quo alternative—that is, doing nothing or maintaining one's current or previous decision. A series of decision-making experiments shows that individuals disproportionately stick with the status quo. Data on the selections of health plans and retirement programs by faculty members reveal that the status quo bias is substantial in important real decisions. Economics, psychology, and decision theory provide possible explanations… 
Reducing Status Quo Bias in Choice Experiments - An Application of a Protest Reduction Entreaty
In stated preference literature, the tendency to choose the alternative representing the status quo situation seems to exceed real life status quo effects. Accordingly, status quo bias can be a
The Status Quo Bias of Bond Market Analysts
Abstact Status quo bias is a systematic cognitive error which makes it difficult for individuals to make decisions independently of the currently dominant situation. This study pursues the question
Status Quo Effect in Choice Experiments: Empirical Evidence on Attitudes and Choice Task Complexity
Many studies on individual decision making have shown that a disproportionate number of respondents choose the status quo (SQ) alternative. But it is still unclear what motivates individuals to
Rational choice with status quo bias
Status Quo Bias under Uncertainty : An Experimental Study ∗
Individuals’ tendency to stick to the current state of affairs, known as the status quo bias, has been widely documented over the past 30 years. Yet, the determinants of this phenomenon remain
Reducing Status Quo Bias in Choice Experiments
To secure the validity and applicability of stated preference measures in economic analysis, hypothetical preferences must mimic real life preferences. For instance, people have a propensity to
Status Quo Bias in Large and Small Choice Sets ∗
This paper introduces models of status quo bias based on the concept of decision avoidance, by which a decision maker may select the status quo in order to avoid a difficult decision. These models
Can Decision Biases Improve Insurance Outcomes? An Experiment on Status Quo Bias in Health Insurance Choice
TLDR
The results confirm the presence of a status quo bias in consumer choices over health insurance policies and suggest that the use of non-binding defaults in health insurance can facilitate the spread of co-insurance policies and thereby help contain health care expenditure.
Status-Quo Effect in Choice Modeling: Protest Beliefs, Attitudes, and Task Complexity
The status-quo effect is a well known phenomenon in individual decision making. Most decisions include a status-quo alternative, i.e., doing nothing or maintaining one’s current or previous
...
...

References

SHOWING 1-10 OF 57 REFERENCES
The Psychology of Preferences
Presents examples in which a decision, preference, or emotional reaction is controlled by factors that may appear irrelevant to the choice made. The difficulty people have in maintaining a
Toward a positive theory of consumer choice
Regret in Decision Making under Uncertainty
TLDR
By explicitly incorporating regret, expected utility theory not only becomes a better descriptive predictor but also may become a more convincing guide for prescribing behavior to decision makers.
Contrasting Rational and Psychological Analyses of Political Choice
We contrast the rational theory of choice in the form of expected utility theory with descriptive psychological analysis in the form of prospect theory, using problems involving the choice between
Judgment under Uncertainty
The thirty-five chapters in this book describe various judgmental heuristics and the biases they produce, not only in laboratory experiments but in important social, medical, and political situations
Prospect theory: analysis of decision under risk
Analysis of decision making under risk has been dominated by expected utility theory, which generally accounts for people's actions. Presents a critique of expected utility theory as a descriptive
Fairness as a Constraint on Profit Seeking: Entitlements in the Market
Community standards of fairness for the setting of prices and wages were elicited by telephone surveys. In customer or labor markets it isacceptable for a firm to raise prices (or cut wages) when
Postdecision changes in the desirability of alternatives.
  • J. Brehm
  • Psychology
    Journal of abnormal psychology
  • 1956
TLDR
The present study was designed to test the following: Choosing between two alternatives creates dissonance and a consequent pressure to reduce it, which is reduced by making the chosen alternative more desirable and the unchosen alternative less desirable after the choice than they were before it.
Product Differentiation Advantages of Pioneering Brands
tively simple market model in which rational buyer behavior in the face of imperfect information about product quality can give longlived advantages to pioneering brands. The analysis has some
ECONOMIC SEARCH: AN EXPERIMENTAL STUDY
This paper presents results of experiments designed to test several of the hypotheses present in the theoretical literature on “optimal” economic search. First we test whether the subjects
...
...