Implications of Status Quo Bias on Individuals, Businesses and Governments

Zhuoyan (Anasta) Jiang

doi:10.54097/hbem.v20i.13014

Authors

Zhuoyan (Anasta) Jiang

DOI:

https://doi.org/10.54097/hbem.v20i.13014

Keywords:

Behavioral economics; status quo bias; heuristics.

Abstract

This paper examines the usage of status quo bias (SQB) in a range of situations, as well as its impact and implications in everyday life. In this study, SQB was discovered to be strongly linked to individual rights. The impact of SQB on individual, business, and government decision-making was explored using two previously known applications and one observational study to determine the relative benefits and drawbacks of employing this heuristic. The purpose of this research is to determine and critically discuss the suitability of current SQB use, and to suggest appropriate solutions that can be implemented using SQB in particular situations.

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