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What Is Status Quo Bias In Behavioral Economics?

Status quo bias is the tendency for people to prefer the current state of affairs, and to be resistant to change. This means that people may be more likely to maintain the current situation, even if there are potential benefits to making a change. Status quo bias can arise from a variety of factors, including a lack of information, a lack of motivation, or a fear of the unknown.

Status quo bias can have a number of negative consequences, including a lack of progress and innovation, and a failure to adapt to new circumstances. It can also lead to conflicts and disagreements, as people may be unwilling to compromise or to consider alternative solutions. To avoid status quo bias, it is important to be open-minded and willing to consider change, and to carefully evaluate the potential benefits and drawbacks of making a change.

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