Default Bias (Behavioural Economics)
- Levels: AS, A Level
- Exam boards: AQA, Edexcel, OCR, IB
What is default or status quo bias?
People prefer to carry on behaving as they have always done even when the circumstances that might influence their decisions change. Repeat choices / purchases often become automatic because default choices don’t involve much mental (cognitive) effort.
To do nothing is within the power of all men
Samuel Johnson
Examples:
- Your choice of daily breakfast cereal / razor / sandwich preference
- Political preferences in elections e.g. preferring the status quo
Most decisions have the status quo alternative which is simply to stick to your current choice. When the status quo bias is strongly engrained in our behaviour, then it may become difficult for policy interventions - for example designed to improve health outcomes - to have a significant impact on the choices that people make. The incentive to make a change in behaviour needs to be compelling.
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Geoff Riley FRSA has been teaching Economics for over thirty years. He has over twenty years experience as Head of Economics at leading schools. He writes extensively and is a contributor and presenter on CPD conferences in the UK and overseas.
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