EconPapers    
Economics at your fingertips  
 

Status Quo Bias in Decision Making

William Samuelson and Richard Zeckhauser ()

Journal of Risk and Uncertainty, 1988, vol. 1, issue 1, 7-59

Abstract: 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 for this bias. Applications are discussed ranging from marketing techniques, to industrial organization, to the advance of science. Copyright 1988 by Kluwer Academic Publishers

Date: 1988
References: Add references at CitEc
Citations View citations in EconPapers (705) Track citations by RSS feed

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:kap:jrisku:v:1:y:1988:i:1:p:7-59

Ordering information: This journal article can be ordered from
http://www.springer. ... ry/journal/11166/PS2

Access Statistics for this article

Journal of Risk and Uncertainty is currently edited by W. Kip Viscusi

More articles in Journal of Risk and Uncertainty from Springer
Bibliographic data for series maintained by Sonal Shukla ().

 
Page updated 2018-07-07
Handle: RePEc:kap:jrisku:v:1:y:1988:i:1:p:7-59