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Are entrepreneurs' decisions more biased? An experimental investigation of the susceptibility to status quo bias

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  • Burmeister, Katrin
  • Schade, Christian

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  • Burmeister, Katrin & Schade, Christian, 2007. "Are entrepreneurs' decisions more biased? An experimental investigation of the susceptibility to status quo bias," Journal of Business Venturing, Elsevier, vol. 22(3), pages 340-362, May.
  • Handle: RePEc:eee:jbvent:v:22:y:2007:i:3:p:340-362
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    1. Smith, Ken G. & Gannon, Martin J. & Grimm, Curtis & Mitchell, Terence R., 1988. "Decision making behavior in smaller entrepreneurial and larger professionally managed firms," Journal of Business Venturing, Elsevier, vol. 3(3), pages 223-232.
    2. Forbes, Daniel P., 2005. "Are some entrepreneurs more overconfident than others?," Journal of Business Venturing, Elsevier, vol. 20(5), pages 623-640, September.
    3. Kaish, Stanley & Gilad, Benjamin, 1991. "Characteristics of opportunities search of entrepreneurs versus executives: Sources, interests, general alertness," Journal of Business Venturing, Elsevier, vol. 6(1), pages 45-61, January.
    4. Kahneman, Daniel & Tversky, Amos, 1979. "Prospect Theory: An Analysis of Decision under Risk," Econometrica, Econometric Society, vol. 47(2), pages 263-291, March.
    5. Samuelson, William & Zeckhauser, Richard, 1988. "Status Quo Bias in Decision Making," Journal of Risk and Uncertainty, Springer, vol. 1(1), pages 7-59, March.
    6. Johnson, Eric J & Hershey, John & Meszaros, Jacqueline & Kunreuther, Howard, 1993. "Framing, Probability Distortions, and Insurance Decisions," Journal of Risk and Uncertainty, Springer, vol. 7(1), pages 35-51, August.
    7. Tobias J. Moskowitz & Annette Vissing-Jørgensen, 2002. "The Returns to Entrepreneurial Investment: A Private Equity Premium Puzzle?," American Economic Review, American Economic Association, vol. 92(4), pages 745-778, September.
    8. Daniel Kahneman & Jack L. Knetsch & Richard H. Thaler, 1991. "Anomalies: The Endowment Effect, Loss Aversion, and Status Quo Bias," Journal of Economic Perspectives, American Economic Association, vol. 5(1), pages 193-206, Winter.
    9. Porter, Maureen & Macintyre, Sally, 1984. "What is, must be best: A research note on conservative or deferential responses to antenatal care provision," Social Science & Medicine, Elsevier, vol. 19(11), pages 1197-1200, January.
    10. Christian Schade, 2005. "Dynamics, Experimental Economics, and Entrepreneurship," The Journal of Technology Transfer, Springer, vol. 30(4), pages 409-431, October.
    11. Amos Tversky & Daniel Kahneman, 1991. "Loss Aversion in Riskless Choice: A Reference-Dependent Model," The Quarterly Journal of Economics, Oxford University Press, vol. 106(4), pages 1039-1061.
    12. Levesque, Moren & Schade, Christian, 2005. "Intuitive optimizing: experimental findings on time allocation decisions with newly formed ventures," Journal of Business Venturing, Elsevier, vol. 20(3), pages 313-342, May.
    13. Tobias J. Moskowitz & Annette Vissing-Jorgensen, 2002. "The Returns to Entrepreneurial Investment: A Private Equity Premium Puzzle?," NBER Working Papers 8876, National Bureau of Economic Research, Inc.
    14. Shepherd, Dean A. & Zacharakis, Andrew & Baron, Robert A., 2003. "VCs' decision processes: Evidence suggesting more experience may not always be better," Journal of Business Venturing, Elsevier, vol. 18(3), pages 381-401, May.
    15. Busenitz, Lowell W. & Barney, Jay B., 1997. "Differences between entrepreneurs and managers in large organizations: Biases and heuristics in strategic decision-making," Journal of Business Venturing, Elsevier, vol. 12(1), pages 9-30, January.
    16. Manimala, Mathew J., 1992. "Entrepreneurial heuristics: A comparison between high PL (pioneering-innovative) and low PI ventures," Journal of Business Venturing, Elsevier, vol. 7(6), pages 477-504, November.
    17. Thomas Dudey & Peter Todd, 2001. "Making Good Decisions with Minimal Information: Simultaneous and Sequential Choice," Journal of Bioeconomics, Springer, vol. 3(2), pages 195-215, May.
    18. Mercè Roca & Robin Hogarth & A. John Maule, 2005. "Ambiguity Seeking as a Result of the Status Quo Bias," Working Papers 114, Barcelona Graduate School of Economics.
    19. Raymond S. Hartman & Michael J. Doane & Chi-Keung Woo, 1991. "Consumer Rationality and the Status Quo," The Quarterly Journal of Economics, Oxford University Press, vol. 106(1), pages 141-162.
    20. Palich, Leslie E. & Ray Bagby, D., 1995. "Using cognitive theory to explain entrepreneurial risk-taking: Challenging conventional wisdom," Journal of Business Venturing, Elsevier, vol. 10(6), pages 425-438, November.
    21. Cooper, Arnold C. & Woo, Carolyn Y. & Dunkelberg, William C., 1988. "Entrepreneurs' perceived chances for success," Journal of Business Venturing, Elsevier, vol. 3(2), pages 97-108.
    22. Don N. Kleinmuntz, 1985. "Cognitive Heuristics and Feedback in a Dynamic Decision Environment," Management Science, INFORMS, vol. 31(6), pages 680-702, June.
    23. Thaler, Richard, 1980. "Toward a positive theory of consumer choice," Journal of Economic Behavior & Organization, Elsevier, vol. 1(1), pages 39-60, March.
    24. Smith, Vernon L, 1976. "Experimental Economics: Induced Value Theory," American Economic Review, American Economic Association, vol. 66(2), pages 274-279, May.
    25. Barton H. Hamilton, 2000. "Does Entrepreneurship Pay? An Empirical Analysis of the Returns to Self-Employment," Journal of Political Economy, University of Chicago Press, vol. 108(3), pages 604-631, June.
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    Cited by:

    1. Ahmad Barirani & Randolph Sloof & Mirjam van Praag, 2017. "The Origins and Extent of Entrepreneurial Action-Orientedness: An Experimental Study," Tinbergen Institute Discussion Papers 17-006/VII, Tinbergen Institute.
    2. Joanna Tyrowicz & Magdalena Smyk & Barbara Liberda, 2017. "Talent workers as entrepreneurs: a new approach to aspirational self-employment," Bank i Kredyt, Narodowy Bank Polski, vol. 48(6), pages 571-592.
    3. repec:spr:scient:v:111:y:2017:i:3:d:10.1007_s11192-017-2371-5 is not listed on IDEAS
    4. Dietmar Grichnik & Alexander Smeja & Isabell Welpe, 2010. "The Importance of Being Emotional: How do Emotions Affect Entrepreneurial Opportunity Evaluation and Exploitation?," Post-Print hal-00856603, HAL.
    5. Schade, Christian, 2010. "Entrepreneurial decision making: A paradigm rather than a set of questions: Introduction to special section based on Lally-Darden-Humboldt Young Entrepreneurship Scholars' Retreat 2006," Journal of Business Venturing, Elsevier, vol. 25(2), pages 173-174, March.
    6. Petty, Jeffrey S. & Gruber, Marc, 2011. ""In pursuit of the real deal": A longitudinal study of VC decision making," Journal of Business Venturing, Elsevier, vol. 26(2), pages 172-188, March.
    7. Martin Koudstaal & Randolph (R.) Sloof & Mirjam (C.M.) van Praag, 2017. "Intuitive versus Contemplative: Do Entrepreneurs differ in their Decision-Making Style from Managers and Employees?," Tinbergen Institute Discussion Papers 17-100/VII, Tinbergen Institute.
    8. Maart, Syster Christin & Musshoff, Oliver & Odening, Martin & Schade, Christian, 2010. "Zum Desinvestitionsverhalten Landwirtschaftlicher Unternehmer: Ergebnisse Einer Experimentellen Untersuchung," 50st Annual Conference, Braunschweig, Germany, September 29-October 1, 2010 93943, German Association of Agricultural Economists (GEWISOLA).
    9. Neațu Alina-Maria & Imbrișcă Cosmin-Ionuț, 2015. "Entrepreneursiph In Romania. A Behavioral Economics Perspective," Annals of Faculty of Economics, University of Oradea, Faculty of Economics, vol. 1(1), pages 95-105, July.
    10. repec:bla:stratm:v:38:y:2017:i:2:p:278-299 is not listed on IDEAS
    11. Minniti, Maria & Lévesque, Moren, 2008. "Recent developments in the economics of entrepreneurship," Journal of Business Venturing, Elsevier, vol. 23(6), pages 603-612, November.
    12. Amir Emami & Mahmoud Motavasseli & Mahdi Tajeddin, 2017. "Risk Taking in Opportunity Evaluation," International Journal of Academic Research in Business and Social Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Business and Social Sciences, vol. 7(1), pages 193-205, January.
    13. Michał Wiktor Krawczyk & Joanna Rachubik, 2018. "Verifying the representativeness heuristic: A field experiment with real-life lottery tickets," Working Papers 2018-03, Faculty of Economic Sciences, University of Warsaw.
    14. Mitja Jeraj & Miha Maric & Ivan Todorovic & Mladen Cudanov, 2015. "The Role of Openness and Entrepreneurial Curiosity in Company’s Growth," The AMFITEATRU ECONOMIC journal, Academy of Economic Studies - Bucharest, Romania, vol. 17(38), pages 371-371, February.
    15. Grichnik, Dietmar & Smeja, Alexander & Welpe, Isabell, 2010. "The importance of being emotional: How do emotions affect entrepreneurial opportunity evaluation and exploitation?," Journal of Economic Behavior & Organization, Elsevier, vol. 76(1), pages 15-29, October.
    16. Jason Arentz & Frederic Sautet & Virgil Storr, 2013. "Prior-knowledge and opportunity identification," Small Business Economics, Springer, vol. 41(2), pages 461-478, August.
    17. Bengtsson, Ola & Sanandaji, Tino & Johannesson, Magnus, 2012. "The Psychology of the Entrepreneur and the Gender Gap in Entrepreneurship," Working Paper Series 944, Research Institute of Industrial Economics, revised 30 Oct 2013.
    18. Axelrad, Hila & Luski, Israel & Malul, Miki, 2016. "Behavioral biases in the labor market, differences between older and younger individuals," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 60(C), pages 23-28.
    19. Tobias Kollmann & Andreas Kuckertz & Christoph Stöckmann & Patrick Krell, 2012. "Die Entrepreneurshipforschung in Deutschland, Österreich und der Schweiz. Eine Resonanzanalyse," ZfKE – Zeitschrift für KMU und Entrepreneurship, Duncker & Humblot, Berlin, vol. 60(1), pages 53-76.
    20. Drover, Will & Wood, Matthew S. & Fassin, Yves, 2014. "Take the money or run? Investors' ethical reputation and entrepreneurs' willingness to partner," Journal of Business Venturing, Elsevier, vol. 29(6), pages 723-740.
    21. Dehlen, Tobias & Zellweger, Thomas & Kammerlander, Nadine & Halter, Frank, 2014. "The role of information asymmetry in the choice of entrepreneurial exit routes," Journal of Business Venturing, Elsevier, vol. 29(2), pages 193-209.
    22. Burmeister-Lamp, Katrin & Lévesque, Moren & Schade, Christian, 2012. "Are entrepreneurs influenced by risk attitude, regulatory focus or both? An experiment on entrepreneurs' time allocation," Journal of Business Venturing, Elsevier, vol. 27(4), pages 456-476.

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