Most of us do not like changes. Changes look scary, because they alter things, people or situations from what we knew and were familiar with. Similarly, Status Quo Bias is a cognitive bias which refers to our tendency to keep things as they are. In other words, it states our willingness for familiarity.
Tagged: status quo bias
Loss aversion can be simply defined as “losses loom larger than corresponding gains.” It refers to the fact that people actually prefer to avoid losses rather than acquiring gains. Simply put, people prefer find it better not to lose $50 than receiving the same $50.