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Topic: Status quo bias


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 Status quo bias - Open Encyclopedia   (Site not responding. Last check: 2007-11-03)
Status quo bias is cognitive bias for the status quo; in other words, people like things to stay relatively the same.
The US states of New Jersey and Pennsylvania inadvertently ran a real life experiment providing evidence of the status quo bias in the early 1990s.
As part of tort law reform programs, citizens were offered two options for their automotive insurance - an expensive option giving them full right to sue and a less expensive option with restricted rights to sue.
www.open-encyclopedia.com /Status_quo_bias   (193 words)

  
 [No title]   (Site not responding. Last check: 2007-11-03)
Status quo bias, the endowment effect and loss aversion Status quo bias refers to the finding that an option is more desirable if it is designated as the “status quo” than when it is not so designated; and this for no other reason than that it is so designated (Kahneman et al., 1991: 198).
Status quo bias is often discussed in tandem with the “endowment effect” and “loss aversion” (see Thaler, 1980; Kahneman and Tversky, 1979).
Status quo bias differs from the other two in that is does not depend on framing changes in terms of losses and potential gains (see Samuelson and Zeckhauser, 1988:36).
www.socialeconomics.org /uploads/peacock.doc   (5819 words)

  
 Maintaining the Status Quo: Rap Music Preferences   (Site not responding. Last check: 2007-11-03)
It attempts to synthesize and build upon both status quo bias literature and priming literature by suggesting that greater exposure to some forms of popular rap music leads to greater support of the status quo.
These studies, though insightful as to who is most likely to exhibit status quo bias and why, fail to delineate the circumstances wherein low-powered persons may also become invested in the status quo and similarly act to preserve it.
The fact that status quo bias was found amongst all rap listeners, not just ones who listed it as a favorite, including persons who just listen to it because it happens to be played on one of their regular radio stations, lends further support to the idea that music can change perceptions.
www-mcnair.berkeley.edu /2001journal/SStrings.html   (3081 words)

  
 Knowledge Problem: STATUS QUO BIAS, POLICY CHANGE, AND EXPERIMENT
Broadly speaking, status quo bias is the tendency to prefer an existing state of affairs to alternative ones.
Individuals having status quo bias in a collective action situation compounds the problem because of their interaction and interdependence of their actions.
If uncertainty is at the core of the status quo bias, then generating those data (preferably by having policymakers, change agents, and those whose preferences could be decisive at the margin as participants in the experiments) should resolve some uncertainty over the outcomes of the reform.
www.knowledgeproblem.com /archives/000900.html   (1395 words)

  
 [No title]
They show that there is a bias toward the status quo (and, hence, against efficiency-enhancing reforms) whenever some of the individual gainers and losers from reform cannot be identified beforehand.
Finally, the antireform status quo bias (as defined by Fernandez and Rodrik, 1991) is combined with a model of informed and uninformed voters, and interest groups (Helpman and Grossman, 1996).
We conclude tha t the status quo bias in favor of an unfunded social security system is stronger in economies in which agents of similar age differ significantly with respect to labor earnings and wealth because of idiosyncratic income uncertainty.
www.mtsu.edu /~eaeff/712/endowmenteffect.rtf   (10613 words)

  
 ♥ STATUS QUO BIAS   (Site not responding. Last check: 2007-11-03)
Status quo bias Home Status Quo Bias andquot;One implication of loss aversion is that individuals have a strong tendency to remain at the status quo, because the disadvantages of leaving it loom larger than the...
Status Quo bias: The news media believe andquot;the system works.andquot; During the andquot;fiasco in Florida,andquot; recall that the...
Status Quo Bias Research shows that decision makers are often biased toward alternatives that perpetuate the...
www.smb-consulting.de /7446364/status-quo-bias/index.html   (331 words)

  
 TCS: Tech Central Station - Mandatory Disclosure and Securities Regulation: A Behavioral Analysis   (Site not responding. Last check: 2007-11-03)
A bias towards the status quo is a natural result of loss aversion, because decisionmakers give the disadvantages of change greater weight than any potential advantages.
Accordingly, the status quo bias should not prevent firms from shifting from a status quo of nondisclosure to a new regime that provides optimal levels of disclosure.
As such, the status quo bias is not inconsistent with the standard economic model's claim that a regime of voluntary disclosure will lead to full disclosure.
www.techcentralstation.com /100404C.html   (1864 words)

  
 No Title
Consistent with this account is the finding that omission bias was sharply reduced when subjects were told that the children who would die from the vaccine were the same ones who would have died anyway from the flu; this instruction may have encouraged subjects to think of the outcomes as one dimensional.
A third question was whether the omission bias was greater for the worse of the two outcomes than for the better of the two, as predicted by norm theory and as found in Experiment 1.
Omission bias was stronger when it led to the worse outcome, regardless of the relation of the possible outcomes to the status-quo.
www.sas.upenn.edu /~baron/ocref.html   (9356 words)

  
 Expert Project Management - Choosing the Wrong Portfolio of Projects: Part 1   (Site not responding. Last check: 2007-11-03)
Psychologists call this a "comfort zone" bias based on research suggesting that breaking from the status quo is, for most people, emotionally uncomfortable.
Institutional norms tend to reinforce preference for the status quo.
Ask yourself whether you would choose the status quo alternative if, in fact, it were not the status quo.
www.maxwideman.com /guests/portfolio/statusquo.htm   (478 words)

  
 Media
It simply is. Bias is a small word that identifies the collective influences of the entire context of a message.
Status Quo bias: The news media believe "the system works." During the "fiasco in Florida," recall that the news media were compelled to remind us that the Constitution was safe, the process was working, and all would be well.
This bias helps journalists establish and maintain a cultural identity as knowledgeable insiders (although many journalists reject the notion that follows from this--that they are players in the game and not merely observers).
rhetorica.net /bias.htm   (2526 words)

  
 Status Quo Bias   (Site not responding. Last check: 2007-11-03)
ABIAD, A. and A. Status Quo Bias in Financial Reform.
FERNANDEZ, R. and D. Resistance to Reform: Status Quo Bias in the Presence of Individual-Specific Uncertainty.
Status quo maintenance reconsidered: changing or incomplete preferences?*.
www.behaviouralfinance.net /status-quo-bias   (211 words)

  
 Centre for Decision Research
The status quo bias and its particular derivation, the endowment effect have been studied in a multiplicity of settings and for a wide range of goods.
However, the studies of the implications of the endowment effect and the status quo bias have rarely been applied to analyse preferences between the distinctive degrees of uncertainty identified in the decision making literature.
In my doctoral research I test the effects of the status quo bias over preferences between ambiguous and unambiguous gambles with the aim to generate a deeper understanding of the determinants of the attitudes towards uncertainty that people experience.
www.leeds.ac.uk /decision-research/events/abstracts/mr_24-11-04.htm   (203 words)

  
 Rhetorica: Press-Politics Journal: Structural blindness...
Reporters' view of Gore is an exaggerated version of their view of politicians in general: conniving, manipulative, driven by the lust for power, a persona rather than a person, someone from whom nothing can be taken at face value.
This "case study" offers excellent examples of narrative bias and status quo bias that affect politicians right or left.
The effects of narrative bias are evident in the quoted paragraph.
www.rhetorica.net /archives/000566.html   (344 words)

  
 ProfessorBainbridge.com: Behavioral Economic Analysis of Law   (Site not responding. Last check: 2007-11-03)
A good example is the so-called status quo bias: All else being equal, decisionmakers favor maintaining the status quo rather than switching to some alternative state.
The classic demonstration of the endowment effect variant of the status quo bias was a laboratory experiment in which students were initially endowed either with a coffee mug or six dollars cash.
Advocates of government intervention are akways tempted to jump from positing the status quo bias, citing the coffee mug experiments, to an assertion that the government needs to shake up the status quo, without demonstrating that the bias is truly valid in the specific setting at hand.
www.professorbainbridge.com /2003/09/behavioral_econ.html   (1607 words)

  
 Dp Abstract   (Site not responding. Last check: 2007-11-03)
It has been noted and demonstrated that people are reluctant to make changes in their current state (called the status quo bias, Samuelson & Zeckhauser, 1988), and to trade objects they own (called the endowment effect, Thaler, 1980).
This reluctance has been explained by a combination of loss aversion and reference dependence which causes the status quo to appear better than its alternative, ceteris paribus.
We find that just labeling some state of affairs status quo enhances its rating (which we call the status quo label bias); namely, a policy seemed more attractive to respondents who thought it is the status quo than to those who did not.
www.ratio.huji.ac.il /show-dp-abstract.asp?dpNumber=373   (273 words)

  
 Errors and Bias in Judgment
Variations of this bias are important in business environments, including the tendency people have to be insufficiently conservative (or "regressive") when making predictions based on events that are partially random.
Small sample bias is another example of inaccurate statistical reasoning-people draw conclusions from a small sample of observations despite the fact that random variations mean that such samples have little real predictive power.
The best protection from bias comes from training, using formal techniques for obtaining important judgments, utilizing well-founded decision aids, and instituting rigorous decision processes that document the judgments and assumptions upon which choices are based.
www.prioritysystem.com /reasons1.html   (4440 words)

  
 Study Shows Public Preference For Retaining Policy Status Quo In Referendums
For one group, alternative #1 (keeping the restrictions) was presented as the status quo and alternative #2 (removing the restrictions) was proposed as the change.
In the other group, the roles of the two alternatives were reversed, with alternative #2 being presented as the status quo and alternative #1 as the change.
The results showed that a majority in both groups was in favor of retaining the existing policy, even though their opinions were direct opposites to each other, thus showing the clear preference to retain the status quo as opposed to change.
www.innovations-report.com /html/reports/social_sciences/report-39625.html   (498 words)

  
 \bf JUDGMENT MISGUIDED: INTUITION AND ERROR IN PUBLIC DECISION MAKING
The resulting bias against helpful action is often reinforced by similar biases in favor of the status quo, of what is natural, or of what others have autonomously chosen.
The default or status quo is assumed to be correct in the absence of clear evidence against it.
Perhaps the bias toward the natural expresses itself only when some new way of tinkering is proposed, so that it really operates mainly in conjunction with biases toward the status quo or toward the default option (toward doing nothing, omission as opposed to commission).
www.sas.upenn.edu /~baron/vbook.htm   (21634 words)

  
 Status Quo Bias in Bargaining: An Extension of the Myerson Satterthwaite Theorem with an Application to the Coase ...   (Site not responding. Last check: 2007-11-03)
Status Quo Bias in Bargaining: An Extension of the Myerson Satterthwaite Theorem with an Application to the Coase Theorem (2000)
We show that when preferences are convex and quasi linear, and when the private information represents the magnitude of the utility gain or loss and follows a uniform distribution, that the most ecient mechanism always exhibits a bias towards the status quo.
Status Quo Bias in Bargaining: An extension of the Myerson..
citeseer.ist.psu.edu /417442.html   (458 words)

  
 HOT Lanes: How to Gain Public Support For Tolling By Permitting Solo Drivers to Buy Into HOV Lanes
The implications of the status quo bias and the invisibility of prospective gains are important.
The status quo bias tells reformers that they need to be especially sensitive to the losing groups.
Another is to tiptoe around the status quo, to distribute losses over the population and over time, so no self-aware and visible objector group develops.
lsb.scu.edu /~dklein/papers/hotLanes.html   (4942 words)

  
 FrontPage magazine.com :: Bias? What Bias? by Bernard Goldberg
But to deny liberal bias, the elites not only have had to brush off their own viewers, they also have had to paint their critics as wild-eyed ideologues—and then completely misrepresent what they say.
Bias in the news stems from that—not from some straw man conspiracy concocted by liberals in the supposedly objective, mainstream media.
In fact, the only reason so many smart liberals are convinced there is no liberal bias in the news in the first place is that this is what they keep hearing from the mainstream media they rely on for so much of their information.
www.frontpagemag.com /Articles/ReadArticle.asp?ID=11650   (5883 words)

  
 The Endowment Effect, Loss Aversion, and Status Quo Bias
In general, a given difference between two options will have a greater impact if it is viewed as a difference between two disadvantages than if it is viewed as a difference between two advantages.
* Status Quo Bias: One implication of loss aversion is that individuals have a strong tendency to remain at the status quo, because the disadvantages of leaving it loom larger than advantages.
Also the advantage of the status quo increases with the number of alternatives.
www.uoregon.edu /~sdhodges/458regrt.htm   (2118 words)

  
 Unknown (SMEALSearch) - Pal,Rangaswamy,Giles,Debnath   (Site not responding. Last check: 2007-11-03)
The public faces a choice between two alternatives: the status quo and a "comprehensive reform" proposal that departs from the status quo in several dimensions.
The status quo supporters counter-argue that some of these features are obtainable by a reform that departs from the status quo in a single dimension only.
This "modest reform" is not a feasible alternative in the debate and is used by the status quo camp merely as an argument.
gunther.smeal.psu.edu /31686.html   (236 words)

  
 The effect of normative beliefs on anticipated emotions
The first case involved a choice of whether to vaccinate a child against a disease, given that the vaccine might kill the child, although unvaccinated children were twice as likely to die as vaccinated children.
The argument did not significantly reduce the status-quo bias, but it did move subjects toward equality for WTP and WTFL, regardless of which judgment was initially greater.
Although the status-quo bias was still present after the argument for the monetary questions (12 vs. 4), it was essentially absent for the emotion questions after the argument (11 vs. 9).
www.sas.upenn.edu /~baron/mac.html   (8775 words)

  
 [No title]   (Site not responding. Last check: 2007-11-03)
Resolution is based on the sets of arguments that are available to each party.
Under two axioms, “free disposal” and “procedure invariance”, the resolution is shown to display a “status quo bias”.
The exact form of the bias depends on the kind of argument involved — “pro” or “con” arguments.
econ.tau.ac.il /research/abstract.asp?id=302001   (73 words)

  
 The Washington Monthly
The fact that reporters - who are, after all, paid to question the status quo - lean to the left is about as suprising as the fact that military/police (who are paid to maintain and indeed enforce the status quo) lean to the right.
Even when conservative leaders admit, when cornered, that their 'liberal bias' cries were just an attempt at 'working the refs' the idea of 'liberal bias' is still the most enduring and defending myths the Right has.
He wrote a humorous story focusing on the husbands who were dragged along to the march by their wives, and who lingered in front of the television displays in the front windows of electronic stores trying to get a glimpse at the scores of the football games.
www.washingtonmonthly.com /archives/individual/2004_05/004028.php   (9867 words)

  
 Stevens Point Journal - Playing it safe isn't always the best financial move   (Site not responding. Last check: 2007-11-03)
Status quo bias and loss aversion are two key misbehaviors or "blind spots" that may be causing you to make poor financial decisions.
If you choose the investments in your employer's savings plan or make other financial decisions based on what others are doing, you're probably prone to status quo bias.
Rather than simply following the status quo, be sure to consider how a decision will impact your own individual situation.
www.wisinfo.com /journal/spjbusiness/283828250537216.shtml   (555 words)

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