Individuals prefer the status quo: But why is change the only constant?

Abstract

The initial study involves the understanding of status quo bias including aspects such as reasons for its existence - is it attributable to human nature or to a person’s lethargy to weigh probable outcomes of a decision. A deeper investigation of psychological phenomena, some of which are loss aversion and endowment effect, can help in understanding status quo bias better. Yet, change seems to be the only constant and a study of ‘change drivers’ and their power to induce change in individuals will be the next stage of the study. Change agents could vary from person to person and depend on situations – the study could help in determining how intrinsic and extrinsic change agents drive people away from the status quo.