Overview
We have a strong tendency to continue to adhere to existing paradigms.
Types
| Name | Description | Sources |
|---|---|---|
| Functional fixedness | Limits a person to using an object only in the way it is traditionally used. | [1] [2] |
| Status quo bias | The tendency to like things to stay relatively the same | [1] [3, 4] |
| Semmelweis reflex | The tendency to reject new evidence that contradicts a paradigm. | [1] [5] |
| Endowment effect | The tendency for people to demand much more to give up an object than they would be willing to pay to acquire it. | [1] [6] |
| System justification | The tendency to defend and bolster the status quo. Existing social, economic, and political arrangements tend to be preferred, and alternatives disparaged, sometimes even at the expense of individual and collective self-interest. | [1] |
Practical Perspectives
- Disciplining ourselves to be aware of various forms of paradigm inertia could help us be more flexible and open to new opportunities.
Related Fallacies
| Name | Description | Sources |
|---|---|---|
| Appeal to tradition (argumentum ad antiquitatem) | A conclusion supported solely because it has long been held to be true. | [7] [8] |
References & Acknowledgements
[1] Wikipedia contributors. "List of cognitive biases." Wikipedia, The Free Encyclopedia. Wikipedia, The Free Encyclopedia, 14 Jul. 2020. Web. 23 Jul. 2020. link
[2] "The Psychology Guide: What Does Functional Fixedness Mean?". PsycholoGenie. Retrieved 2018-10-10.
[3] Kahneman D, Knetsch JL, Thaler RH (1991). "Anomalies: The Endowment Effect, Loss Aversion, and Status Quo Bias" (PDF). The Journal of Economic Perspectives. 5 (1): 193–206. doi:10.1257/jep.5.1.193. Archived from the original (PDF) on November 24, 2012.
[4] Baron J (1994). Thinking and deciding (2nd ed.). Cambridge University Press. ISBN 978-0-521-43732-5.
[5] Edwards W (1968). "Conservatism in human information processing". In Kleinmuntz B (ed.). Formal representation of human judgment. New York: Wiley. pp. 17–52.
[6] (Kahneman, Knetsch & Thaler 1991, p. 193) Richard Thaler coined the term "endowment effect."
[7] Wikipedia contributors. "List of fallacies." Wikipedia, The Free Encyclopedia. Wikipedia, The Free Encyclopedia, 26 Jul. 2020. Web. 28 Jul. 2020.
[8] Pirie, Madsen (2006). How to Win Every Argument: The Use and Abuse of Logic. A&C Black. p. 46. ISBN 978-0-8264-9006-3. Retrieved 10 September 2015.
Content derived from the hard work of many Wikipedia contributors and thus licensed under the Creative Commons CC-BY-SA 3.0, click here to read the license. Read more about our content approach here and see references above for specific source attributions.
← Overview Investment →