Stephen C.has been purchasing Fruity Pebbles brand cereal each week for the past two years,even though a different brand,such as Captain Crunch or Rice Krispies,would in all likelihood bring him more utility per dollar spent.A behavioral economist would suspect Stephen C.is suffering from the ________ bias.
A) choice-supportive
B) status quo
C) egocentric
D) time-saving
E) outcome

Question

Quizplus · Accepted Answer

The status quo bias refers to the tendency for individuals to stick with the default or current option, even if another option may be better. In this case, Stephen C. has been purchasing the same brand of cereal for the past two years, even though other options may provide him with more utility for his money. This is an example of the status quo bias.

Stephen Chas Been Purchasing Fruity Pebbles Brand Cereal Each Week for for the Past