Antecedents of Status Quo Bias in EV Adoption: A Prospect Theory Perspective from a Systematic Review

Dilupa Theekshana and Chathumi Kavirathna
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Dilupa Theekshana: Department of Industrial Management, Faculty of Science, University of Kelaniya, Sri Lanka.
Chathumi Kavirathna: Department of Industrial Management, Faculty of Science, University of Kelaniya, Sri Lanka.

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Abstract: Aims: This study aims to identify and synthesize the antecedents of Status Quo Bias (SQB) in consumer resistance to electric vehicle (EV) adoption through the theoretical lens of Prospect Theory. The objective is to explain how psychological and behavioral mechanisms shape consumer reluctance to shift from internal combustion engine vehicles (ICEVs) to EVs. Study Design: A systematic literature review was conducted following PRISMA guidelines, with inclusion criteria requiring studies to be peer-reviewed, apply Prospect Theory, and focus on automotive or mobility-related consumer behavior. Place and Duration of Study: The review was carried out at the Department of Industrial Management, University of Kelaniya, Sri Lanka, and the Scopus database was systematically searched between February and October 2025. Methodology: A structured multi-phase process was followed, including database selection, keyword searches, inclusion and exclusion screening, and quality assessment. The Scopus database was used to identify peer-reviewed studies explicitly applying Prospect Theory to automotive consumer behavior. From an initial pool of 22,511 records, 37 relevant studies were selected for full-text review. Data was extracted and coded using thematic analysis to identify recurring constructs and behavioral factors related to SQB in EV adoption. Results: Analysis of the included studies identified seven overarching behavioral themes: cognitive value distortions, perceived risk dynamics, framing influences, behavioral persistence, socio-cultural influences, institutional design factors, and cognitive decision burden. Findings demonstrate that psychological mechanisms such as loss aversion, reference dependence, and uncertainty avoidance strongly reinforce SQB and often outweigh technological or economic advantages of EVs. Conclusion: The study extends the application of Prospect Theory into sustainable mobility research by highlighting SQB as a key psychological barrier to EV adoption. The findings emphasize the importance of framing strategies, risk mitigation, infrastructure reliability, and supportive policy design to reduce psychological resistance and accelerate EV transitions. The review is limited to English-language peer-reviewed studies, with most evidence originating from developed markets.

Date: 2025-12-16
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Published in Journal of Global Economics, Management and Business Research, 2025, 17 (3), pp.504-514

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-05420882

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