Status Quo Bias with A Focus on Psychological Mechanisms,Its Influential Factors and Application Inspirations

Status quo bias refers to the phenoomenon that people tend to do nothing or maintain their current or previous decisions in decision making.Status quo bias includes endogenously determined status quo bias and exogenously determined status quo bias.There are two ways for researchers to interpret this phenomenon: loss aversion and regret theory.The factors to influence status quo bias include such as follows: number of alternatives,emotion,traits of the decision maker as his cognition and motivation.Status quo bias is conducive to understanding everyday decision behaviors and is valuable for such practical areas as sale,management and public policies.Further deep exploration is needed to clarify the relationship between status quo bias and other decision phenomena,to deepen our understanding of its original roots and at last to expand its applied values.