Status quo bias in decision making View Full Text


Ontology type: schema:ScholarlyArticle      Open Access: True


Article Info

DATE

1988-03

AUTHORS

William Samuelson, Richard Zeckhauser

ABSTRACT

Most real decisions, unlike those of economics texts, have a status quo alternative—that is, doing nothing or maintaining one's current or previous decision. A series of decision-making experiments shows that individuals disproportionately stick with the status quo. Data on the selections of health plans and retirement programs by faculty members reveal that the status quo bias is substantial in important real decisions. Economics, psychology, and decision theory provide possible explanations for this bias. Applications are discussed ranging from marketing techniques, to industrial organization, to the advance of science. More... »

PAGES

7-59

References to SciGraph publications

  • 1982-01. The Psychology of Preferences in SCIENTIFIC AMERICAN
  • Identifiers

    URI

    http://scigraph.springernature.com/pub.10.1007/bf00055564

    DOI

    http://dx.doi.org/10.1007/bf00055564

    DIMENSIONS

    https://app.dimensions.ai/details/publication/pub.1032622145


    Indexing Status Check whether this publication has been indexed by Scopus and Web Of Science using the SN Indexing Status Tool
    Incoming Citations Browse incoming citations for this publication using opencitations.net

    JSON-LD is the canonical representation for SciGraph data.

    TIP: You can open this SciGraph record using an external JSON-LD service: JSON-LD Playground Google SDTT

    [
      {
        "@context": "https://springernature.github.io/scigraph/jsonld/sgcontext.json", 
        "about": [
          {
            "id": "http://purl.org/au-research/vocabulary/anzsrc-for/2008/1402", 
            "inDefinedTermSet": "http://purl.org/au-research/vocabulary/anzsrc-for/2008/", 
            "name": "Applied Economics", 
            "type": "DefinedTerm"
          }, 
          {
            "id": "http://purl.org/au-research/vocabulary/anzsrc-for/2008/14", 
            "inDefinedTermSet": "http://purl.org/au-research/vocabulary/anzsrc-for/2008/", 
            "name": "Economics", 
            "type": "DefinedTerm"
          }
        ], 
        "author": [
          {
            "affiliation": {
              "alternateName": "Boston University", 
              "id": "https://www.grid.ac/institutes/grid.189504.1", 
              "name": [
                "Boston University, Boston"
              ], 
              "type": "Organization"
            }, 
            "familyName": "Samuelson", 
            "givenName": "William", 
            "id": "sg:person.014355211363.34", 
            "sameAs": [
              "https://app.dimensions.ai/discover/publication?and_facet_researcher=ur.014355211363.34"
            ], 
            "type": "Person"
          }, 
          {
            "affiliation": {
              "alternateName": "Harvard University", 
              "id": "https://www.grid.ac/institutes/grid.38142.3c", 
              "name": [
                "Harvard University, Harvard"
              ], 
              "type": "Organization"
            }, 
            "familyName": "Zeckhauser", 
            "givenName": "Richard", 
            "id": "sg:person.0775407467.49", 
            "sameAs": [
              "https://app.dimensions.ai/discover/publication?and_facet_researcher=ur.0775407467.49"
            ], 
            "type": "Person"
          }
        ], 
        "citation": [
          {
            "id": "https://doi.org/10.1037/h0025528", 
            "sameAs": [
              "https://app.dimensions.ai/details/publication/pub.1005339793"
            ], 
            "type": "CreativeWork"
          }, 
          {
            "id": "https://doi.org/10.1037/0003-066x.39.4.341", 
            "sameAs": [
              "https://app.dimensions.ai/details/publication/pub.1020060348"
            ], 
            "type": "CreativeWork"
          }, 
          {
            "id": "https://doi.org/10.1016/0167-2681(80)90051-7", 
            "sameAs": [
              "https://app.dimensions.ai/details/publication/pub.1021590840"
            ], 
            "type": "CreativeWork"
          }, 
          {
            "id": "https://doi.org/10.1016/0167-2681(80)90051-7", 
            "sameAs": [
              "https://app.dimensions.ai/details/publication/pub.1021590840"
            ], 
            "type": "CreativeWork"
          }, 
          {
            "id": "https://doi.org/10.1111/j.1465-7295.1981.tb00600.x", 
            "sameAs": [
              "https://app.dimensions.ai/details/publication/pub.1037464959"
            ], 
            "type": "CreativeWork"
          }, 
          {
            "id": "https://doi.org/10.1111/j.1465-7295.1981.tb00600.x", 
            "sameAs": [
              "https://app.dimensions.ai/details/publication/pub.1037464959"
            ], 
            "type": "CreativeWork"
          }, 
          {
            "id": "https://doi.org/10.1037/h0041006", 
            "sameAs": [
              "https://app.dimensions.ai/details/publication/pub.1037483414"
            ], 
            "type": "CreativeWork"
          }, 
          {
            "id": "https://doi.org/10.1037/h0041593", 
            "sameAs": [
              "https://app.dimensions.ai/details/publication/pub.1038170852"
            ], 
            "type": "CreativeWork"
          }, 
          {
            "id": "https://doi.org/10.1016/0095-0696(80)90018-2", 
            "sameAs": [
              "https://app.dimensions.ai/details/publication/pub.1052322029"
            ], 
            "type": "CreativeWork"
          }, 
          {
            "id": "sg:pub.10.1038/scientificamerican0182-160", 
            "sameAs": [
              "https://app.dimensions.ai/details/publication/pub.1056482656", 
              "https://doi.org/10.1038/scientificamerican0182-160"
            ], 
            "type": "CreativeWork"
          }, 
          {
            "id": "https://doi.org/10.1126/science.185.4157.1124", 
            "sameAs": [
              "https://app.dimensions.ai/details/publication/pub.1062510354"
            ], 
            "type": "CreativeWork"
          }, 
          {
            "id": "https://doi.org/10.1287/mnsc.25.7.671", 
            "sameAs": [
              "https://app.dimensions.ai/details/publication/pub.1064719221"
            ], 
            "type": "CreativeWork"
          }, 
          {
            "id": "https://doi.org/10.1287/mnsc.32.6.645", 
            "sameAs": [
              "https://app.dimensions.ai/details/publication/pub.1064720182"
            ], 
            "type": "CreativeWork"
          }, 
          {
            "id": "https://doi.org/10.1287/opre.30.5.961", 
            "sameAs": [
              "https://app.dimensions.ai/details/publication/pub.1064729384"
            ], 
            "type": "CreativeWork"
          }, 
          {
            "id": "https://doi.org/10.2307/1883191", 
            "sameAs": [
              "https://app.dimensions.ai/details/publication/pub.1069624681"
            ], 
            "type": "CreativeWork"
          }, 
          {
            "id": "https://doi.org/10.2307/1914185", 
            "sameAs": [
              "https://app.dimensions.ai/details/publication/pub.1069641248"
            ], 
            "type": "CreativeWork"
          }, 
          {
            "id": "https://doi.org/10.2307/1962487", 
            "sameAs": [
              "https://app.dimensions.ai/details/publication/pub.1069669211"
            ], 
            "type": "CreativeWork"
          }, 
          {
            "id": "https://doi.org/10.5547/issn0195-6574-ej-vol9-nosi2-8", 
            "sameAs": [
              "https://app.dimensions.ai/details/publication/pub.1072974585"
            ], 
            "type": "CreativeWork"
          }, 
          {
            "id": "https://app.dimensions.ai/details/publication/pub.1074415967", 
            "type": "CreativeWork"
          }, 
          {
            "id": "https://doi.org/10.1016/s0065-2601(08)60024-6", 
            "sameAs": [
              "https://app.dimensions.ai/details/publication/pub.1090078679"
            ], 
            "type": "CreativeWork"
          }, 
          {
            "id": "https://doi.org/10.1017/cbo9780511809477", 
            "sameAs": [
              "https://app.dimensions.ai/details/publication/pub.1109097345"
            ], 
            "type": "CreativeWork"
          }
        ], 
        "datePublished": "1988-03", 
        "datePublishedReg": "1988-03-01", 
        "description": "Most real decisions, unlike those of economics texts, have a status quo alternative\u2014that is, doing nothing or maintaining one's current or previous decision. A series of decision-making experiments shows that individuals disproportionately stick with the status quo. Data on the selections of health plans and retirement programs by faculty members reveal that the status quo bias is substantial in important real decisions. Economics, psychology, and decision theory provide possible explanations for this bias. Applications are discussed ranging from marketing techniques, to industrial organization, to the advance of science.", 
        "genre": "research_article", 
        "id": "sg:pub.10.1007/bf00055564", 
        "inLanguage": [
          "en"
        ], 
        "isAccessibleForFree": true, 
        "isPartOf": [
          {
            "id": "sg:journal.1028241", 
            "issn": [
              "0895-5646", 
              "1573-0476"
            ], 
            "name": "Journal of Risk and Uncertainty", 
            "type": "Periodical"
          }, 
          {
            "issueNumber": "1", 
            "type": "PublicationIssue"
          }, 
          {
            "type": "PublicationVolume", 
            "volumeNumber": "1"
          }
        ], 
        "name": "Status quo bias in decision making", 
        "pagination": "7-59", 
        "productId": [
          {
            "name": "readcube_id", 
            "type": "PropertyValue", 
            "value": [
              "9b68ca6cf50688ea9c6b6966f7ce4d5e0471d7c6602598bbba9d7e313db649fb"
            ]
          }, 
          {
            "name": "doi", 
            "type": "PropertyValue", 
            "value": [
              "10.1007/bf00055564"
            ]
          }, 
          {
            "name": "dimensions_id", 
            "type": "PropertyValue", 
            "value": [
              "pub.1032622145"
            ]
          }
        ], 
        "sameAs": [
          "https://doi.org/10.1007/bf00055564", 
          "https://app.dimensions.ai/details/publication/pub.1032622145"
        ], 
        "sdDataset": "articles", 
        "sdDatePublished": "2019-04-11T13:57", 
        "sdLicense": "https://scigraph.springernature.com/explorer/license/", 
        "sdPublisher": {
          "name": "Springer Nature - SN SciGraph project", 
          "type": "Organization"
        }, 
        "sdSource": "s3://com-uberresearch-data-dimensions-target-20181106-alternative/cleanup/v134/2549eaecd7973599484d7c17b260dba0a4ecb94b/merge/v9/a6c9fde33151104705d4d7ff012ea9563521a3ce/jats-lookup/v90/0000000371_0000000371/records_130820_00000003.jsonl", 
        "type": "ScholarlyArticle", 
        "url": "http://link.springer.com/10.1007/BF00055564"
      }
    ]
     

    Download the RDF metadata as:  json-ld nt turtle xml License info

    HOW TO GET THIS DATA PROGRAMMATICALLY:

    JSON-LD is a popular format for linked data which is fully compatible with JSON.

    curl -H 'Accept: application/ld+json' 'https://scigraph.springernature.com/pub.10.1007/bf00055564'

    N-Triples is a line-based linked data format ideal for batch operations.

    curl -H 'Accept: application/n-triples' 'https://scigraph.springernature.com/pub.10.1007/bf00055564'

    Turtle is a human-readable linked data format.

    curl -H 'Accept: text/turtle' 'https://scigraph.springernature.com/pub.10.1007/bf00055564'

    RDF/XML is a standard XML format for linked data.

    curl -H 'Accept: application/rdf+xml' 'https://scigraph.springernature.com/pub.10.1007/bf00055564'


     

    This table displays all metadata directly associated to this object as RDF triples.

    128 TRIPLES      21 PREDICATES      46 URIs      19 LITERALS      7 BLANK NODES

    Subject Predicate Object
    1 sg:pub.10.1007/bf00055564 schema:about anzsrc-for:14
    2 anzsrc-for:1402
    3 schema:author N52f7844fe6d3451d9e472c945e37d006
    4 schema:citation sg:pub.10.1038/scientificamerican0182-160
    5 https://app.dimensions.ai/details/publication/pub.1074415967
    6 https://doi.org/10.1016/0095-0696(80)90018-2
    7 https://doi.org/10.1016/0167-2681(80)90051-7
    8 https://doi.org/10.1016/s0065-2601(08)60024-6
    9 https://doi.org/10.1017/cbo9780511809477
    10 https://doi.org/10.1037/0003-066x.39.4.341
    11 https://doi.org/10.1037/h0025528
    12 https://doi.org/10.1037/h0041006
    13 https://doi.org/10.1037/h0041593
    14 https://doi.org/10.1111/j.1465-7295.1981.tb00600.x
    15 https://doi.org/10.1126/science.185.4157.1124
    16 https://doi.org/10.1287/mnsc.25.7.671
    17 https://doi.org/10.1287/mnsc.32.6.645
    18 https://doi.org/10.1287/opre.30.5.961
    19 https://doi.org/10.2307/1883191
    20 https://doi.org/10.2307/1914185
    21 https://doi.org/10.2307/1962487
    22 https://doi.org/10.5547/issn0195-6574-ej-vol9-nosi2-8
    23 schema:datePublished 1988-03
    24 schema:datePublishedReg 1988-03-01
    25 schema:description Most real decisions, unlike those of economics texts, have a status quo alternative—that is, doing nothing or maintaining one's current or previous decision. A series of decision-making experiments shows that individuals disproportionately stick with the status quo. Data on the selections of health plans and retirement programs by faculty members reveal that the status quo bias is substantial in important real decisions. Economics, psychology, and decision theory provide possible explanations for this bias. Applications are discussed ranging from marketing techniques, to industrial organization, to the advance of science.
    26 schema:genre research_article
    27 schema:inLanguage en
    28 schema:isAccessibleForFree true
    29 schema:isPartOf N1f52f12690d04bffbb07efe48f03afb9
    30 Nf8ba8cd05c4c4bb5a0d2090c8ba92e66
    31 sg:journal.1028241
    32 schema:name Status quo bias in decision making
    33 schema:pagination 7-59
    34 schema:productId N19f19b00c8c6427790439345b17f975f
    35 Nc934c1e8317249089899cea9a0f3306a
    36 Ne5a124d1e4a54980a14e4e2bce90d621
    37 schema:sameAs https://app.dimensions.ai/details/publication/pub.1032622145
    38 https://doi.org/10.1007/bf00055564
    39 schema:sdDatePublished 2019-04-11T13:57
    40 schema:sdLicense https://scigraph.springernature.com/explorer/license/
    41 schema:sdPublisher Nbe7c0fb4a97a4e9cb1811d21ea487b14
    42 schema:url http://link.springer.com/10.1007/BF00055564
    43 sgo:license sg:explorer/license/
    44 sgo:sdDataset articles
    45 rdf:type schema:ScholarlyArticle
    46 N19f19b00c8c6427790439345b17f975f schema:name readcube_id
    47 schema:value 9b68ca6cf50688ea9c6b6966f7ce4d5e0471d7c6602598bbba9d7e313db649fb
    48 rdf:type schema:PropertyValue
    49 N1f52f12690d04bffbb07efe48f03afb9 schema:volumeNumber 1
    50 rdf:type schema:PublicationVolume
    51 N52f7844fe6d3451d9e472c945e37d006 rdf:first sg:person.014355211363.34
    52 rdf:rest Nfa3ef3162af14c9e9bb48b9126c6b3f9
    53 Nbe7c0fb4a97a4e9cb1811d21ea487b14 schema:name Springer Nature - SN SciGraph project
    54 rdf:type schema:Organization
    55 Nc934c1e8317249089899cea9a0f3306a schema:name dimensions_id
    56 schema:value pub.1032622145
    57 rdf:type schema:PropertyValue
    58 Ne5a124d1e4a54980a14e4e2bce90d621 schema:name doi
    59 schema:value 10.1007/bf00055564
    60 rdf:type schema:PropertyValue
    61 Nf8ba8cd05c4c4bb5a0d2090c8ba92e66 schema:issueNumber 1
    62 rdf:type schema:PublicationIssue
    63 Nfa3ef3162af14c9e9bb48b9126c6b3f9 rdf:first sg:person.0775407467.49
    64 rdf:rest rdf:nil
    65 anzsrc-for:14 schema:inDefinedTermSet anzsrc-for:
    66 schema:name Economics
    67 rdf:type schema:DefinedTerm
    68 anzsrc-for:1402 schema:inDefinedTermSet anzsrc-for:
    69 schema:name Applied Economics
    70 rdf:type schema:DefinedTerm
    71 sg:journal.1028241 schema:issn 0895-5646
    72 1573-0476
    73 schema:name Journal of Risk and Uncertainty
    74 rdf:type schema:Periodical
    75 sg:person.014355211363.34 schema:affiliation https://www.grid.ac/institutes/grid.189504.1
    76 schema:familyName Samuelson
    77 schema:givenName William
    78 schema:sameAs https://app.dimensions.ai/discover/publication?and_facet_researcher=ur.014355211363.34
    79 rdf:type schema:Person
    80 sg:person.0775407467.49 schema:affiliation https://www.grid.ac/institutes/grid.38142.3c
    81 schema:familyName Zeckhauser
    82 schema:givenName Richard
    83 schema:sameAs https://app.dimensions.ai/discover/publication?and_facet_researcher=ur.0775407467.49
    84 rdf:type schema:Person
    85 sg:pub.10.1038/scientificamerican0182-160 schema:sameAs https://app.dimensions.ai/details/publication/pub.1056482656
    86 https://doi.org/10.1038/scientificamerican0182-160
    87 rdf:type schema:CreativeWork
    88 https://app.dimensions.ai/details/publication/pub.1074415967 schema:CreativeWork
    89 https://doi.org/10.1016/0095-0696(80)90018-2 schema:sameAs https://app.dimensions.ai/details/publication/pub.1052322029
    90 rdf:type schema:CreativeWork
    91 https://doi.org/10.1016/0167-2681(80)90051-7 schema:sameAs https://app.dimensions.ai/details/publication/pub.1021590840
    92 rdf:type schema:CreativeWork
    93 https://doi.org/10.1016/s0065-2601(08)60024-6 schema:sameAs https://app.dimensions.ai/details/publication/pub.1090078679
    94 rdf:type schema:CreativeWork
    95 https://doi.org/10.1017/cbo9780511809477 schema:sameAs https://app.dimensions.ai/details/publication/pub.1109097345
    96 rdf:type schema:CreativeWork
    97 https://doi.org/10.1037/0003-066x.39.4.341 schema:sameAs https://app.dimensions.ai/details/publication/pub.1020060348
    98 rdf:type schema:CreativeWork
    99 https://doi.org/10.1037/h0025528 schema:sameAs https://app.dimensions.ai/details/publication/pub.1005339793
    100 rdf:type schema:CreativeWork
    101 https://doi.org/10.1037/h0041006 schema:sameAs https://app.dimensions.ai/details/publication/pub.1037483414
    102 rdf:type schema:CreativeWork
    103 https://doi.org/10.1037/h0041593 schema:sameAs https://app.dimensions.ai/details/publication/pub.1038170852
    104 rdf:type schema:CreativeWork
    105 https://doi.org/10.1111/j.1465-7295.1981.tb00600.x schema:sameAs https://app.dimensions.ai/details/publication/pub.1037464959
    106 rdf:type schema:CreativeWork
    107 https://doi.org/10.1126/science.185.4157.1124 schema:sameAs https://app.dimensions.ai/details/publication/pub.1062510354
    108 rdf:type schema:CreativeWork
    109 https://doi.org/10.1287/mnsc.25.7.671 schema:sameAs https://app.dimensions.ai/details/publication/pub.1064719221
    110 rdf:type schema:CreativeWork
    111 https://doi.org/10.1287/mnsc.32.6.645 schema:sameAs https://app.dimensions.ai/details/publication/pub.1064720182
    112 rdf:type schema:CreativeWork
    113 https://doi.org/10.1287/opre.30.5.961 schema:sameAs https://app.dimensions.ai/details/publication/pub.1064729384
    114 rdf:type schema:CreativeWork
    115 https://doi.org/10.2307/1883191 schema:sameAs https://app.dimensions.ai/details/publication/pub.1069624681
    116 rdf:type schema:CreativeWork
    117 https://doi.org/10.2307/1914185 schema:sameAs https://app.dimensions.ai/details/publication/pub.1069641248
    118 rdf:type schema:CreativeWork
    119 https://doi.org/10.2307/1962487 schema:sameAs https://app.dimensions.ai/details/publication/pub.1069669211
    120 rdf:type schema:CreativeWork
    121 https://doi.org/10.5547/issn0195-6574-ej-vol9-nosi2-8 schema:sameAs https://app.dimensions.ai/details/publication/pub.1072974585
    122 rdf:type schema:CreativeWork
    123 https://www.grid.ac/institutes/grid.189504.1 schema:alternateName Boston University
    124 schema:name Boston University, Boston
    125 rdf:type schema:Organization
    126 https://www.grid.ac/institutes/grid.38142.3c schema:alternateName Harvard University
    127 schema:name Harvard University, Harvard
    128 rdf:type schema:Organization
     




    Preview window. Press ESC to close (or click here)


    ...