Finding a Link between the Status Quo Bias and Indecisiveness in Ambiguous Decision-Making
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2019-08-13
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en
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Abstract
The aim of this research is to establish an explanation of a relationship between the Status Quo Bias and Indecisiveness on general decision-making. With the use of a survey, based on the work of Sautua (2017), participants play a hypothetical ambiguous lottery with a chosen or assigned colored ticket, either red or blue, and valuate their confidence levels and likeliness of success that their ticket has on winning the hypothetical cash price. To test the status quo bias a surprising switch option is shown to the participants, where switching the ticket is the most optimal option. The results show a strong tendency to stick with the original ticket and significant difference of confidence and likeliness between treatments based on the status quo. To measure indecisiveness the Indecisiveness Scale by Frost and Shows has been used resulting in a majority of indecisive individuals. Along with the scale, preferences and ambiguity and uncertainty are taken into account. The results show slight significant influence between both terms and high gender differences between both terms. These results are discussed along each common factor that influence both the Status Quo bias and Indecisiveness.
Keywords: status quo bias, indecisiveness, preferences, ambiguity, uncertainty, lottery, indecisive
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Faculteit der Managementwetenschappen