Experiment Summary Form.docx - Group Members Summarize your...

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Group #: Members: Summarize your experiment, including all the information that you need to repeat it. Use as many pages as you need. (Type & print out to show me.) Authors & Title / APA Citation: William Samuelson and Richard Zeckhauser brought in the concept of 'status quo bias' through their work 'Status Quo Bias in Decision Making', published in the 'Journal of Risk and Uncertainty' in 1988 Introduction & Research Question(s): They presented this concept, individuals were given decision-making problems with a questionnaire consisting of a series of decision questions which were alternately framed to be with and without a pre-existent status quo position. Status quo bias interacts with other non- rational cognitive processes such as endowment effect, existence bias, loss aversion, longevity, regret avoidance, and mere exposure. Therefore, it is also a topic of interest in economics and
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Christopher Reinemann
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