Status Quo Bias

We tend to stick with our previous choices, even if the alternatives might be better. Status Quo stops change. It's driven by our desire to be consistent with past actions, by the Sunk Costs that mount and the Loss Aversion that’s hard to overcome.

#behavior

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  4. Dean, M., Kıbrıs Özgür, & Masatlioglu, Y. (2017). Limited attention and status quo bias. Journal of Economic Theory, 169, 93–127. doi: 10.1016/j.jet.2017.01.009
  5. Nebel, J. M. (2015). Status quo bias, rationality, and conservatism about value. Ethics, 125(2), 449–476.
  6. Leventhal, H., Singer, R., & Jones, S. (1965). Effects of fear and specificity of recommendation upon attitudes and behavior. Journal of Personality and Social Psychology. 2(1), 20-29. doi: 10.1037/h0022089
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  8. Coca-Cola. (n.d.). The story of one of the most memorable marketing blunders ever - news & articles. The Coca-Cola Company. Retrieved March 10, 2022, from https://www.coca-colacompany.com/company/history/the-story-of-one-of-the-most-memorable-marketing-blunders-ever
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  10. Belknap, L. L. (n.d.). The 5-day workweek is bad for business. Here’s why. Ethos3. https://ethos3.com/the-5-day-workweek-is-bad-for-business-heres-why/
  11. Hasnain, A. (2023, May 25). Netflix implements strict rules to curb password sharing: Global crackdown controversy. Digital Information World. https://www.digitalinformationworld.com/2023/05/netflix-implements-strict-rules-to-curb.html
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