Status-quo bias debunked: Loss aversion principle no longer necessary.
The idea of loss aversion doesn't fully explain why people prefer sticking with what they know rather than trying something new. The study suggests that our tendency to stick with the status quo is enough to explain why we make certain choices, like valuing what we have more than what we could gain. Our motives drive our actions, and our preferences are often unclear, leading us to prefer what we're used to. This means that the principle of loss aversion might not be as important as we thought in understanding why we make certain decisions.