1998. In this studies shows that in negotiating contracts favor inaction that exist in situations in which a legal standard and defaults from contracts will administer absent action. This involves a biased opinion opposed to alternative solutions. Heifetz’s and Segev’s study in 2004 found support for existence of a toughness bias. It is like so-called endowment effect which affects seller’s behavior. Price Management Status quo bias provides a maintenance role in the theory-practice gap in price management, and is revealed in Dominic Bergers’ research regarding status quo bias and its individual differences from a price management perspective. He identified status quo bias as a possible influencer of 22 rationality deficits identified and explained by Rullkötter (2009), and is further attributed to deficits within Simon and Fassnacht’s (2016) price management process phases. Status quo bias remained as an underlying possible cause of 16 of the 22 rationality deficits. Examples of these can be seen within the analysis phase and implementation phase of price management processes. Bergers reveal that status quo bias within the former price management process phase potentially led to complete reliance on external information sources that existed traditionally. This bias, through a price management perspective, can be demonstrated when monitoring competitor’s pricing. In the latter phase, status quo bias potentially led to the final price being determined by decentralised staff, which is potentially perpetuated by existing system profitability within price management practices. Mutual Fund Market An empirical study conducted by Alexandre Kempf and Stefan Ruenzi examined the presence of status quo bias within the U.S. equity mutual fund market, and the extent in which this depends on the number of alternatives given. Using real data obtained from the U.S. mutual fund market, this study reveals status quo bias influences fund investors, in which a stronger correlation for positive dependence of status quo bias was found when the number of alternatives was larger, and therefore confirms Samuelson and Zeckhauser (1988) experimental results. See also Appeal to tradition Comfort zone Conventional wisdom De facto standard Default effect Endowment effect List of cognitive biases Omission bias Pro-innovation bias Situationism (psychology) Social norm System justification References Further reading Behavioral finance Conformity Prospect theory Change Cognitive inertia Social privilege Cognitive biases