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Status quo bias has been attributed to a combination of loss aversion and the endowment effect, two ideas relevant to prospect theory.An individual weighs the potential losses of switching from the status quo more heavily than the potential gains; this is due to the prospect theory value function being steeper in the loss domain. [1]
Status quo bias, the tendency to prefer things to stay relatively the same. [76] [77] System justification, the tendency to defend and bolster the status quo. Existing social, economic, and political arrangements tend to be preferred, and alternatives disparaged, sometimes even at the expense of individual and collective self-interest.
Psychological inertia is the tendency to maintain the status quo (or default option) unless compelled by a psychological motive to intervene or reject this. [1]Psychological inertia is similar to the status-quo bias but there is an important distinction in that psychological inertia involves inhibiting any action, whereas the status-quo bias involves avoiding any change which would be ...
Answering this question is urgent because the status quo is harming our physical and mental health, robbing us of our optimism, and contributing to division and polarization. Slaven Vlasic/Getty
Society needs the power of the ‘modern suffragette’ to challenge the status quo, according to the president of the Girls’ School Association. Female pupils encouraged to ‘challenge bias ...
Status quo bias: Tendency to hold to the current situation rather than an alternative situation, to avoid risk and loss (loss aversion). [31] In status quo bias, a decision-maker has the increased propensity to choose an option because it is the default option or status quo.
After all, unhappy people tend to challenge the status quo. The murder of UnitedHealthcare CEO Brian Thompson last week set off a torrent of complaints about fairness in healthcare costs, making ...
There are few studies explicitly linking cognitive biases to real-world incidents with highly negative outcomes. Examples: One study [11] explicitly focused on cognitive bias as a potential contributor to a disaster-level event; this study examined the causes of the loss of several members of two expedition teams on Mount Everest on two consecutive days in 1996.