Status Quo Bias

13/11/2024 14 min

Listen "Status Quo Bias"

Episode Synopsis

The various papers explore the status quo bias, a cognitive bias that causes people to favour maintaining their current state of affairs even when a change might be more beneficial. The first paper examines this bias in the context of decision making and how brain activity in the subthalamic nucleus is associated with rejecting the status quo when faced with difficult choices. The second paper examines the status quo bias in the context of political decision making, showing that politicians motivated by reputation concerns may be more likely to enact risky reforms, even if those reforms are not socially beneficial. The third paper from the Journal of Risk and Uncertainty explores the status quo bias in a broader sense, providing a framework for understanding how this bias can affect individual choices in various settings, including consumer behaviour, policymaking, and scientific advancement. Finally, the fourth paper titled The influence of the status quo bias theory in the compliance to public procurement regulations in the sub-saharan economy by David Asamoah and Jonathan Annan investigates the status quo bias in the context of public procurement, finding that public sector entities in a Sub-Saharan economy tend to comply with procurement regulations, despite potential costs associated with switching from existing practices.The Entire Behavioural Science Reading List on Amazon

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