The status quo bias and its individual differences from a price management perspective

Setting the “right” price essentially remains an empirical question. The issue is especially problematic owing to pricing managers' proclivity to impose subjectivity into their analyses. For instance, people tend to have biases in complex or uncertain situations, contexts with information overload, and circumstances with time pressure—all which are common in the price management process. In this paper, we examine why a status quo bias plays a...