The DOI matches its Crossref record; 1 of the 1 references it cites were found in a registry or an index.
Consumer Rationality and the Status Quo
Open accessAbstract
Received microeconomic theory presumes rational consumers maximize utility over all commodity bundles. Recent analysis, however, suggests that a consumer's status quo may limit economic rationality, “bias” consumer decisions, and induce serious errors in survey-based valuations of public and private goods. Using regression and choice-theoretic frameworks, we investigate the existence of status quo effects in the consumer valuation of a particular unpriced product—the reliability of residential electrical service. Such valuations have become important in electric utility resource planning and rate making. We find substantial status quo effects, which must be addressed in welfare comparisons regarding electric service reliability.
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Cites
Sample Selection Bias as a Specification Error
Heckman, J. J. (1979) · Econometrica · doi:10.2307/1912352 · Cited by 28,779
Cited by
Anomalies: The Endowment Effect, Loss Aversion, and Status Quo Bias
Kahneman, D., Knetsch, J. L., & Thaler, R. H. (1991) · Journal of Economic Perspectives · doi:10.1257/jep.5.1.193 · Cited by 5,019
Representativeness revisited: Attribute substitution in intuitive judgment.
Kahneman, D., & Frederick, S. (2002) · Heuristics and Biases · doi:10.1017/cbo9780511808098.004 · Cited by 3,476
All Frames Are Not Created Equal: A Typology and Critical Analysis of Framing Effects
Levin, I. P., Schneider, S. L., & Gaeth, G. J. (1998) · Organizational Behavior and Human Decision Processes · doi:10.1006/obhd.1998.2804 · Cited by 2,592
Slovic, P., Finucane, M., Peters, E., & MacGregor, D. G. (2002) · Heuristics and Biases · doi:10.1017/cbo9780511808098.025 · Cited by 2,349
Support theory: a nonextensional representation of subjective probability
Tversky, A., & Koehler, D. J. (1994) · Psychological Review · doi:10.1037/0033-295x.101.4.547 · Cited by 1,167
Metadata
- Authors
- Hartman, R. S., Doane, M. J., & Woo, C.-K.
- Venue
- The Quarterly Journal of Economics
- Publisher
- Oxford University Press (OUP)
- Published
- 1991-02-01
- Volume
- 106
- Issue
- 1
- Pages
- 141-162
- ISSN
- 0033-5533 (ISSN-L)
- 1531-4650
- OpenAlex
- W2004763801
- Cited by
- 374
- References
- 1
- FWCI
- 20.89
- Type
- journal article
- Language
- en
- Open access
- green
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- Hartman, R. S., Doane, M. J., & Woo, C.-K. (1991). Consumer Rationality and the Status Quo. The Quarterly Journal of Economics. https://doi.org/10.2307/2937910
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
