Are entrepreneurs' decisions more biased? An experimental investigation of the susceptibility to status quo bias
Entrepreneurship research has demonstrated that entrepreneurs are more susceptible to certain cognitive biases than are selected other individuals. We investigate whether this finding holds for the status quo bias not yet investigated in the entrepreneurship literature. The status quo bias is define...
Saved in:
| Published in | Journal of business venturing Vol. 22; no. 3; pp. 340 - 362 |
|---|---|
| Main Authors | , |
| Format | Journal Article |
| Language | English |
| Published |
New York
Elsevier Inc
01.05.2007
Elsevier Elsevier Sequoia S.A |
| Series | Journal of Business Venturing |
| Subjects | |
| Online Access | Get full text |
Cover
Loading…
| Abstract | Entrepreneurship research has demonstrated that entrepreneurs are more susceptible to certain cognitive biases than are selected other individuals. We investigate whether this finding holds for the status quo bias not yet investigated in the entrepreneurship literature. The status quo bias is defined as the tendency to select a previously chosen alternative disproportionately often. We compare entrepreneurs' decisions with those of students and bankers in an experimental study. We find that entrepreneurs are as affected by the status quo as students but less affected than bankers. Accounting for differences in experience and types of decision scenarios, we have indirect evidence for a consistency of entrepreneurs' decisions with what would be expected from a stereotypical Schumpeterian entrepreneur: being more open to new options than other individuals are. However, since entrepreneurs are frequently influenced by the status quo, we discuss the pros and cons of such behavior. |
|---|---|
| AbstractList | Entrepreneurship research has demonstrated that entrepreneurs are more susceptible to certain cognitive biases than are selected other individuals. We investigate whether this finding holds for the status quo bias not yet investigated in the entrepreneurship literature. The status quo bias is defined as the tendency to select a previously chosen alternative disproportionately often. We compare entrepreneurs' decisions with those of students and bankers in an experimental study. We find that entrepreneurs are as affected by the status quo as students but less affected than bankers. Accounting for differences in experience and types of decision scenarios, we have indirect evidence for a consistency of entrepreneurs' decisions with what would be expected from a stereotypical Schumpeterian entrepreneur: being more open to new options than other individuals are. However, since entrepreneurs are frequently influenced by the status quo, we discuss the pros and cons of such behavior. Entrepreneurship research has demonstrated that entrepreneurs are more susceptible to certain cognitive biases than are selected other individuals. We investigate whether this finding holds for the status quo bias not yet investigated in the entrepreneurship literature. The status quo bias is defined as the tendency to select a previously chosen alternative disproportionately often. We compare entrepreneurs' decisions with those of students and bankers in an experimental study. We find that entrepreneurs are as affected by the status quo as students but less affected than bankers. Accounting for differences in experience and types of decision scenarios, we have indirect evidence for a consistency of entrepreneurs' decisions with what would be expected from a stereotypical Schumpeterian entrepreneur: being more open to new options than other individuals are. However, since entrepreneurs are frequently influenced by the status quo, we discuss the pros and cons of such behavior. [PUBLICATION ABSTRACT] |
| Author | Schade, Christian Burmeister, Katrin |
| Author_xml | – sequence: 1 givenname: Katrin surname: Burmeister fullname: Burmeister, Katrin – sequence: 2 givenname: Christian surname: Schade fullname: Schade, Christian email: schade@wiwi.hu-berlin.de |
| BackLink | http://econpapers.repec.org/article/eeejbvent/v_3a22_3ay_3a2007_3ai_3a3_3ap_3a340-362.htm$$DView record in RePEc |
| BookMark | eNqFUMuO1DAQtNAiMbvwC8jiwinBr7GTE4xWy0srcYGz5Tgd1tGMnbWdEfP39OwAVw7tstpV5e66JlcxRSDkNWctZ1y_m9t5WMsRYm0FY7plqmVMPCMb3hnZYEtekQ3rOtn0TOgX5LqUmWG342ZDll0GitIMS4YIay5v6Qg-lJBioYeEr0NwBcb3dBcp_FoghwPy3Z6GeIRSw09XkUvTROsD0LIWD0sNQ9iHeqI10VJdXQt9XNOT00vyfHL7Aq_-4A358fHu--3n5v7bpy-3u_vGK2lqwzs5sIlPzm9Bcb4dDYi-78fBcaPMiJtJ45nbau-c6KQaBzUJrbTigsnJGXlD3lx8l5weVxzUzmnNEb-0vN92UvdaI0lfSD6nUjJMdsH1XD5Zzuw5XDvbv-Hac7iWKYvhovDrRYi5gf-nAoB5eCIfrXRC4HE6XxgzCAFLYi1nVMxKLexDPaDZh4sZYB7HANkWHyB6GEMGX-2Ywv_m-Q30aaNI |
| CODEN | JBVEEP |
| CitedBy_id | crossref_primary_10_1007_s40685_020_00116_y crossref_primary_10_1108_IJEBR_08_2016_0273 crossref_primary_10_1002_acp_3868 crossref_primary_10_3390_admsci10040089 crossref_primary_10_1057_palgrave_emr_1500082 crossref_primary_10_1108_GM_12_2019_0253 crossref_primary_10_1007_s11187_019_00279_x crossref_primary_10_1108_01409171111116349 crossref_primary_10_2139_ssrn_3245371 crossref_primary_10_1016_j_jbusvent_2012_10_001 crossref_primary_10_1080_00472778_2024_2363837 crossref_primary_10_1108_JPIF_05_2016_0030 crossref_primary_10_1111_etap_12212 crossref_primary_10_1007_BF03372810 crossref_primary_10_2139_ssrn_3937852 crossref_primary_10_1287_orsc_1110_0665 crossref_primary_10_1002_sej_1204 crossref_primary_10_1016_j_jebo_2010_02_010 crossref_primary_10_1016_j_jebo_2010_02_011 crossref_primary_10_1016_j_jbusvent_2011_12_001 crossref_primary_10_1007_s11187_018_0109_2 crossref_primary_10_1007_s11187_019_00151_y crossref_primary_10_1080_13691066_2011_642147 crossref_primary_10_1111_etap_12224 crossref_primary_10_1177_10422587231211005 crossref_primary_10_2139_ssrn_2898878 crossref_primary_10_1108_MD_09_2019_1330 crossref_primary_10_1016_j_jbusvent_2013_08_004 crossref_primary_10_1007_s40750_023_00230_1 crossref_primary_10_1016_j_jfbs_2020_100361 crossref_primary_10_1080_14479338_2019_1615376 crossref_primary_10_1108_IJEBR_03_2019_0173 crossref_primary_10_1111_jsbm_12233 crossref_primary_10_1016_j_paid_2016_02_023 crossref_primary_10_1007_s11205_017_1748_4 crossref_primary_10_1111_j_1937_5956_2012_01331_x crossref_primary_10_1057_s41272_020_00270_2 crossref_primary_10_1080_08276331_2015_1105732 crossref_primary_10_1509_jppm_15_115 crossref_primary_10_1111_jsbm_12346 crossref_primary_10_1080_09537325_2016_1182630 crossref_primary_10_1016_j_jbvi_2018_02_006 crossref_primary_10_1016_j_jbusres_2023_114179 crossref_primary_10_1002_mde_3465 crossref_primary_10_1111_jpim_12020 crossref_primary_10_7202_039551ar crossref_primary_10_1177_23970022221094523 crossref_primary_10_1007_s11187_012_9437_9 crossref_primary_10_1007_s10796_021_10203_y crossref_primary_10_1007_s10490_018_9631_7 crossref_primary_10_1177_13505076221101516 crossref_primary_10_1007_s11301_018_0135_9 crossref_primary_10_2139_ssrn_1986105 crossref_primary_10_1016_j_joep_2008_09_001 crossref_primary_10_1108_RBF_05_2020_0087 crossref_primary_10_1093_erae_jbs032 crossref_primary_10_1007_s11573_012_0549_0 crossref_primary_10_1016_j_jbusvent_2008_05_005 crossref_primary_10_1108_IJEBR_05_2018_0337 crossref_primary_10_1016_j_jbusvent_2023_106361 crossref_primary_10_1108_JMD_01_2019_0013 crossref_primary_10_2139_ssrn_3059617 crossref_primary_10_1108_JMP_07_2015_0275 crossref_primary_10_1108_QRAM_01_2019_0020 crossref_primary_10_1016_j_jebo_2024_06_017 crossref_primary_10_58691_man_170138 crossref_primary_10_2139_ssrn_2210709 crossref_primary_10_2139_ssrn_2267968 crossref_primary_10_1016_j_jenvman_2015_07_004 crossref_primary_10_1108_MF_11_2019_0571 crossref_primary_10_2139_ssrn_1547186 crossref_primary_10_1111_etp_12224 crossref_primary_10_1007_s40497_022_00338_w crossref_primary_10_1016_j_jretconser_2021_102793 crossref_primary_10_1111_jasp_12775 crossref_primary_10_1177_0149206318799443 crossref_primary_10_3790_zfke_60_1_53 crossref_primary_10_4000_fcs_1584 crossref_primary_10_1016_j_jbusvent_2022_106210 crossref_primary_10_1007_s11365_023_00887_w crossref_primary_10_1007_s11192_017_2371_5 crossref_primary_10_1177_1024529415623918 crossref_primary_10_1108_MD_04_2016_0248 crossref_primary_10_1016_j_jenvman_2017_01_049 crossref_primary_10_1016_j_socec_2015_11_003 crossref_primary_10_1007_s10961_022_09938_w crossref_primary_10_1108_EJM_03_2016_0188 crossref_primary_10_1093_aler_ahw022 crossref_primary_10_1108_IJEBR_05_2016_0135 crossref_primary_10_1177_0266242613480375 crossref_primary_10_1002_mde_3317 crossref_primary_10_1177_0149206314541153 crossref_primary_10_1016_j_emj_2016_09_003 crossref_primary_10_1016_j_jbusvent_2008_01_001 crossref_primary_10_1111_jsbm_12032 crossref_primary_10_1016_j_landusepol_2020_105227 crossref_primary_10_1002_smj_2493 crossref_primary_10_1007_s11365_023_00912_y crossref_primary_10_1016_j_jbusvent_2021_106160 crossref_primary_10_1080_08276331_2018_1551461 crossref_primary_10_1007_s11187_008_9108_z crossref_primary_10_1016_j_jbusvent_2018_12_006 crossref_primary_10_1080_15427560_2013_791295 crossref_primary_10_1080_16184742_2020_1846577 crossref_primary_10_1002_ijfe_2987 crossref_primary_10_1177_1094428116685613 crossref_primary_10_1177_17470218221136827 crossref_primary_10_1016_j_jbusvent_2009_07_002 crossref_primary_10_1002_mde_3140 crossref_primary_10_1111_j_1540_6520_2012_00514_x crossref_primary_10_1007_s11782_009_0026_y crossref_primary_10_1007_s11573_014_0708_6 |
| Cites_doi | 10.2307/2937956 10.1023/A:1020542800376 10.1007/BF00055564 10.1257/jep.5.1.193 10.1177/104225879602000403 10.1287/mnsc.31.6.680 10.1007/s10961-005-2585-1 10.1037/e640112011-074 10.1023/A:1008335515764 10.1016/0883-9026(92)90021-I 10.1016/j.jbusvent.2004.01.005 10.1016/S0883-9026(96)00003-1 10.1126/science.185.4157.1124 10.1146/annurev.ps.41.020190.000245 10.1037/0033-295X.103.4.650 10.1016/0883-9026(88)90020-1 10.1016/0277-9536(84)90370-8 10.2307/1914185 10.1016/0883-9026(91)90005-X 10.1016/S0883-9026(02)00099-X 10.1007/BF01065313 10.1016/0883-9026(88)90016-X 10.1016/j.jbusvent.2004.05.001 10.1086/262131 10.2307/2937910 10.1016/0167-2681(80)90051-7 10.1016/0883-9026(95)00082-J 10.1257/00028280260344452 10.2307/3172740 10.1002/smj.4250050204 |
| ContentType | Journal Article |
| Copyright | 2006 Elsevier Inc. Copyright Elsevier Sequoia S.A. May 2007 |
| Copyright_xml | – notice: 2006 Elsevier Inc. – notice: Copyright Elsevier Sequoia S.A. May 2007 |
| DBID | DKI X2L AAYXX CITATION |
| DOI | 10.1016/j.jbusvent.2006.04.002 |
| DatabaseName | RePEc IDEAS RePEc CrossRef |
| DatabaseTitle | CrossRef |
| DatabaseTitleList | |
| Database_xml | – sequence: 1 dbid: DKI name: RePEc IDEAS url: http://ideas.repec.org/ sourceTypes: Index Database |
| DeliveryMethod | fulltext_linktorsrc |
| Discipline | Economics Business |
| EISSN | 1873-2003 |
| EndPage | 362 |
| ExternalDocumentID | 1230255141 10_1016_j_jbusvent_2006_04_002 eeejbvent_v_3a22_3ay_3a2007_3ai_3a3_3ap_3a340_362_htm S088390260600022X |
| Genre | Feature |
| GroupedDBID | --K --M -~X .~1 0R~ 13V 1B1 1OL 1RT 1~. 1~5 29K 3R3 4.4 457 4G. 5GY 5VS 7-5 71M 8P~ 96U 9JO 9M8 AABNK AACTN AAEDT AAEDW AAIAV AAIKJ AAKOC AALRI AAOAW AAQFI AAQXK AAXUO ABFNM ABJNI ABKBG ABMAC ABMVD ABXDB ABYKQ ACBMB ACDAQ ACGFO ACGFS ACHQT ACHRH ACNTT ACRLP ADBBV ADEZE ADMUD AEBSH AEKER AFAZI AFFNX AFKWA AFMIJ AFTJW AGHFR AGJBL AGUBO AGUMN AGYEJ AHHHB AI. AIEXJ AIKHN AITUG AJBFU AJOXV ALEQD ALMA_UNASSIGNED_HOLDINGS AMFUW AMRAJ ASPBG AVWKF AXJTR AZFZN BKOJK BKOMP BLXMC BNSAS CS3 D-I DU5 EBS EFJIC EFLBG EJD EO8 EO9 EP2 EP3 F8P FDB FEDTE FGOYB FIRID FNPLU FYGXN G-2 G-Q GBLVA HLX HVGLF HZ~ IHE J1W KOM LG8 LPU LXL LXN M41 MO0 MS~ N9A O-L O9- OAUVE OZT P-8 P-9 P2P PC. PQQKQ Q38 R2- RIG ROL RPZ RXW SBM SCC SDF SDG SDP SEB SES SEW SPCBC SSB SSL SSZ T5K TAE TN5 TWZ U5U VH1 VQA WUQ XSW XYO YK3 YQT ZRQ ~G- 08R 0R 1 8P ABFLS ADALY DKI G- HZ IPNFZ K LOTEE LXI M MS NADUK PQEST X X2L XXP AAXKI AAYXX AFJKZ AKRWK CITATION |
| ID | FETCH-LOGICAL-c437t-183b0f1fac5e4115d7e2999dba1747d87337c0a56caa2834db4f264641203fa73 |
| IEDL.DBID | .~1 |
| ISSN | 0883-9026 |
| IngestDate | Thu Oct 10 17:19:06 EDT 2024 Thu Sep 26 15:57:31 EDT 2024 Wed Aug 18 03:13:20 EDT 2021 Fri Feb 23 02:34:11 EST 2024 |
| IsPeerReviewed | true |
| IsScholarly | true |
| Issue | 3 |
| Keywords | Decision making Questionnaire experiment Status quo bias Schumpeterian entrepreneur |
| Language | English |
| LinkModel | DirectLink |
| MergedId | FETCHMERGED-LOGICAL-c437t-183b0f1fac5e4115d7e2999dba1747d87337c0a56caa2834db4f264641203fa73 |
| PQID | 195836966 |
| PQPubID | 46597 |
| PageCount | 23 |
| ParticipantIDs | proquest_journals_195836966 crossref_primary_10_1016_j_jbusvent_2006_04_002 repec_primary_eeejbvent_v_3a22_3ay_3a2007_3ai_3a3_3ap_3a340_362_htm elsevier_sciencedirect_doi_10_1016_j_jbusvent_2006_04_002 |
| PublicationCentury | 2000 |
| PublicationDate | 2007-05-01 |
| PublicationDateYYYYMMDD | 2007-05-01 |
| PublicationDate_xml | – month: 05 year: 2007 text: 2007-05-01 day: 01 |
| PublicationDecade | 2000 |
| PublicationPlace | New York |
| PublicationPlace_xml | – name: New York |
| PublicationSeriesTitle | Journal of Business Venturing |
| PublicationTitle | Journal of business venturing |
| PublicationYear | 2007 |
| Publisher | Elsevier Inc Elsevier Elsevier Sequoia S.A |
| Publisher_xml | – name: Elsevier Inc – name: Elsevier – name: Elsevier Sequoia S.A |
| References | Kaish, Gilad (bib16) 1991; 6 Barnes (bib1) 1984; 5 Kahneman, Tversky (bib39) 1979; 47 Tversky, Kahneman (bib38) 1974; 185 Shepherd, Zacharakis, Baron (bib32) 2003; 18 Porter, McIntyre (bib25) 1984; 19 Lévesque, Schade (bib19) 2005; 20 Gigerenzer, Goldstein (bib10) 1996; 103 Hamilton (bib13) 2000; 108 Busenitz, Lau (bib4) 1996; 20 Kleinmuntz (bib17) 1985; 31 Simon (bib33) 1990; 41 Kahneman, Knetsch, Thaler (bib15) 1991; 5 Schumpeter, J.A., 1928. Unternehmer. [Entrepreneur]. In: Elster, L. (Ed.), Handwörterbuch der Staatswissenschaften, Volume 8. 4th edition. Jena, pp. 476–487. Moskowitz, Vissing-Jørgensen (bib22) 2002; 92 Hartman, Doane, Woo (bib14) 1991; 106 Johnson, Hershey, Meszaros, Kunreuther (bib9) 1993; 7 Busenitz, Barney (bib3) 1997; 12 Parlich, Bagby (bib24) 1995; 10 Campbell, Stanley (bib5) 1963 Olson (bib23) 1986; 24 Manimala (bib21) 1992; 7 Dudey, Todd (bib7) 2001; 3 Smith (bib35) 1976; 66 Roca, M., Hogarth, R., Maule, J.A., 2005. Ambiguity seeking as a result of the status quo bias. Department of Economics and Business, Universitat Pompeu Fabra, Economics Working Paper 882. Samuelson, Zeckhauser (bib27) 1988; 1 Koellinger, P., Minniti, M., Schade, C., 2005. I think I can, I think, I can – Overconfidence and entrepreneurial behaviour. DIW discussion paper 501 Schade (bib28) 2005; 30 Simonson, Tversky (bib34) 1992; 29 Forbes (bib8) 2005; 20 Goldstein, Gigerenzer (bib12) 1999 Smith, Gannon, Grimm, Mitchell (bib36) 1988; 3 . Cooper, Woo, Dunkelberg (bib6) 1988; 3 Burmeister, Schade (bib2) 2005; 1 Todd (bib37) 1999; 9 Tversky, Kahneman (bib41) 1991; 106 Thaler (bib40) 1980; 1 Busenitz (10.1016/j.jbusvent.2006.04.002_bib4) 1996; 20 Kahneman (10.1016/j.jbusvent.2006.04.002_bib39) 1979; 47 Lévesque (10.1016/j.jbusvent.2006.04.002_bib19) 2005; 20 Tversky (10.1016/j.jbusvent.2006.04.002_bib41) 1991; 106 Kleinmuntz (10.1016/j.jbusvent.2006.04.002_bib17) 1985; 31 Moskowitz (10.1016/j.jbusvent.2006.04.002_bib22) 2002; 92 Thaler (10.1016/j.jbusvent.2006.04.002_bib40) 1980; 1 Johnson (10.1016/j.jbusvent.2006.04.002_bib9) 1993; 7 Smith (10.1016/j.jbusvent.2006.04.002_bib35) 1976; 66 Campbell (10.1016/j.jbusvent.2006.04.002_bib5) 1963 Tversky (10.1016/j.jbusvent.2006.04.002_bib38) 1974; 185 Parlich (10.1016/j.jbusvent.2006.04.002_bib24) 1995; 10 Porter (10.1016/j.jbusvent.2006.04.002_bib25) 1984; 19 10.1016/j.jbusvent.2006.04.002_bib26 Olson (10.1016/j.jbusvent.2006.04.002_bib23) 1986; 24 Barnes (10.1016/j.jbusvent.2006.04.002_bib1) 1984; 5 Simon (10.1016/j.jbusvent.2006.04.002_bib33) 1990; 41 Kaish (10.1016/j.jbusvent.2006.04.002_bib16) 1991; 6 Hamilton (10.1016/j.jbusvent.2006.04.002_bib13) 2000; 108 Simonson (10.1016/j.jbusvent.2006.04.002_bib34) 1992; 29 Todd (10.1016/j.jbusvent.2006.04.002_bib37) 1999; 9 Hartman (10.1016/j.jbusvent.2006.04.002_bib14) 1991; 106 Shepherd (10.1016/j.jbusvent.2006.04.002_bib32) 2003; 18 Forbes (10.1016/j.jbusvent.2006.04.002_bib8) 2005; 20 Kahneman (10.1016/j.jbusvent.2006.04.002_bib15) 1991; 5 10.1016/j.jbusvent.2006.04.002_bib31 Smith (10.1016/j.jbusvent.2006.04.002_bib36) 1988; 3 Burmeister (10.1016/j.jbusvent.2006.04.002_bib2) 2005; 1 10.1016/j.jbusvent.2006.04.002_bib18 Cooper (10.1016/j.jbusvent.2006.04.002_bib6) 1988; 3 Busenitz (10.1016/j.jbusvent.2006.04.002_bib3) 1997; 12 Goldstein (10.1016/j.jbusvent.2006.04.002_bib12) 1999 Dudey (10.1016/j.jbusvent.2006.04.002_bib7) 2001; 3 Samuelson (10.1016/j.jbusvent.2006.04.002_bib27) 1988; 1 Manimala (10.1016/j.jbusvent.2006.04.002_bib21) 1992; 7 Schade (10.1016/j.jbusvent.2006.04.002_bib28) 2005; 30 Gigerenzer (10.1016/j.jbusvent.2006.04.002_bib10) 1996; 103 |
| References_xml | – volume: 103 start-page: 650 year: 1996 end-page: 669 ident: bib10 article-title: Reasoning the fast and frugal way: models of bounded rationality publication-title: Psychological Review contributor: fullname: Goldstein – volume: 185 start-page: 1124 year: 1974 end-page: 1131 ident: bib38 article-title: Judgment under uncertainty: heuristics and biases publication-title: Science contributor: fullname: Kahneman – year: 1963 ident: bib5 article-title: Experimental and quasi-experimental designs for research contributor: fullname: Stanley – volume: 5 start-page: 193 year: 1991 end-page: 206 ident: bib15 article-title: Anomalies – The endowment effect, loss aversion, and the status quo bias publication-title: Journal of Economic Perspectives contributor: fullname: Thaler – volume: 18 start-page: 381 year: 2003 end-page: 401 ident: bib32 article-title: VC's decision processes: evidence suggesting more experience may not always be better publication-title: Journal of Business Venturing contributor: fullname: Baron – volume: 31 start-page: 680 year: 1985 end-page: 702 ident: bib17 article-title: Cognitive heuristics and feedback in a dynamic decision environment publication-title: Management Science contributor: fullname: Kleinmuntz – volume: 1 start-page: 15 year: 2005 end-page: 25 ident: bib2 article-title: Status quo bias versus variety seeking: an experimental investigation into situational and individual moderators publication-title: Marketing – Journal of Research and Management contributor: fullname: Schade – volume: 3 start-page: 97 year: 1988 end-page: 108 ident: bib6 article-title: Entrepreneurs' perceived chances for success publication-title: Journal of Business Venturing contributor: fullname: Dunkelberg – volume: 20 start-page: 623 year: 2005 end-page: 640 ident: bib8 article-title: Are some entrepreneurs more overconfident than others? publication-title: Journal of Business Venturing contributor: fullname: Forbes – volume: 41 start-page: 1 year: 1990 end-page: 19 ident: bib33 article-title: Invariants of human behavior publication-title: Annual Review of Psychology contributor: fullname: Simon – volume: 1 start-page: 39 year: 1980 end-page: 60 ident: bib40 article-title: Toward a positive theory of consumer consumer choice publication-title: Journal of Economic Behavior and Organization contributor: fullname: Thaler – volume: 19 start-page: 1197 year: 1984 end-page: 1200 ident: bib25 article-title: What is, must be best: a research note on conservative or deferential responses to antenatal care provision publication-title: Social Science & Medicine contributor: fullname: McIntyre – volume: 9 start-page: 461 year: 1999 end-page: 477 ident: bib37 article-title: Simple inference heuristics versus complex decision machines publication-title: Minds and Machines contributor: fullname: Todd – volume: 66 start-page: 274 year: 1976 end-page: 279 ident: bib35 article-title: Experimental economics: induced value theory publication-title: American Economic Review contributor: fullname: Smith – volume: 47 start-page: 263 year: 1979 end-page: 291 ident: bib39 article-title: Prospect theory: an analysis of decision under risk publication-title: Econometrica contributor: fullname: Tversky – volume: 3 start-page: 223 year: 1988 end-page: 232 ident: bib36 article-title: Decision making in smaller entrepreneurial and larger professionally managed firms publication-title: Journal of Business Venturing contributor: fullname: Mitchell – volume: 92 start-page: 745 year: 2002 end-page: 778 ident: bib22 article-title: The returns to entrepreneurial investment: a private equity premium puzzle? publication-title: American Economic Review contributor: fullname: Vissing-Jørgensen – volume: 20 start-page: 312 year: 2005 end-page: 342 ident: bib19 article-title: Intuitive optimizing: experimental findings on time-allocation decisions with newly formed ventures publication-title: Journal of Business Venturing contributor: fullname: Schade – volume: 20 start-page: 25 year: 1996 end-page: 39 ident: bib4 article-title: A cross-cultural cognitive model of new venture creation publication-title: Entrepreneurship Theory and Practice contributor: fullname: Lau – volume: 5 start-page: 129 year: 1984 end-page: 137 ident: bib1 article-title: Cognitive biases and their impact on strategic planning publication-title: Strategic Management Journal contributor: fullname: Barnes – volume: 108 start-page: 604 year: 2000 end-page: 631 ident: bib13 article-title: Does entrepreneurship pay? An empirical analysis of the returns to self-employment publication-title: Journal of Political Economics contributor: fullname: Hamilton – volume: 7 start-page: 477 year: 1992 end-page: 504 ident: bib21 article-title: Entrepreneurial heuristics: a comparison between high PI (pioneering–innovative) and low PI venture publication-title: Journal of Business Venturing contributor: fullname: Manimala – volume: 30 start-page: 409 year: 2005 end-page: 431 ident: bib28 article-title: Dynamics, experimental economics, and entrepreneurship publication-title: Journal of Technology Transfer contributor: fullname: Schade – start-page: 37 year: 1999 end-page: 58 ident: bib12 article-title: The recognition heuristic: how ignorance makes us smart publication-title: Simple heuristics that make us smart contributor: fullname: Gigerenzer – volume: 24 start-page: 29 year: 1986 end-page: 35 ident: bib23 article-title: Entrepreneurs: opportunistic decision makers publication-title: Journal of Small Business Management contributor: fullname: Olson – volume: 3 start-page: 195 year: 2001 end-page: 215 ident: bib7 article-title: Making good decisions with minimal information: simultaneous and sequential choice publication-title: Journal of Bioeconomics contributor: fullname: Todd – volume: 106 start-page: 141 year: 1991 end-page: 162 ident: bib14 article-title: Consumer rationality and the status quo publication-title: Quarterly Journal of Economics contributor: fullname: Woo – volume: 1 start-page: 7 year: 1988 end-page: 59 ident: bib27 article-title: Status quo bias in decision making publication-title: Journal of Risk and Uncertainty contributor: fullname: Zeckhauser – volume: 29 start-page: 281 year: 1992 end-page: 295 ident: bib34 article-title: Choice in context: tradeoff contrast and extremeness aversion publication-title: Journal of Marketing Research contributor: fullname: Tversky – volume: 6 start-page: 45 year: 1991 end-page: 61 ident: bib16 article-title: Characteristics of opportunities search of entrepreneurs versus executives publication-title: Journal of Business Venturing contributor: fullname: Gilad – volume: 10 start-page: 425 year: 1995 end-page: 438 ident: bib24 article-title: Using cognitive theory to explain entrepreneurial risk-taking: challenging conventional wisdom publication-title: Journal of Business Venturing contributor: fullname: Bagby – volume: 12 start-page: 9 year: 1997 end-page: 30 ident: bib3 article-title: Differences between entrepreneurs and managers in large organizations: biases and heuristics in strategic decision-making publication-title: Journal of Business Venturing contributor: fullname: Barney – volume: 106 start-page: 1039 year: 1991 end-page: 1061 ident: bib41 article-title: Loss aversion in riskless choice: a reference-dependence model publication-title: Quarterly Journal of Economics contributor: fullname: Kahneman – volume: 7 start-page: 15 year: 1993 end-page: 36 ident: bib9 article-title: Framing, probability distorsions, and insurance decisions publication-title: Journal of Risk and Uncertainty contributor: fullname: Kunreuther – volume: 106 start-page: 1039 year: 1991 ident: 10.1016/j.jbusvent.2006.04.002_bib41 article-title: Loss aversion in riskless choice: a reference-dependence model publication-title: Quarterly Journal of Economics doi: 10.2307/2937956 contributor: fullname: Tversky – volume: 3 start-page: 195 issue: 2–3 year: 2001 ident: 10.1016/j.jbusvent.2006.04.002_bib7 article-title: Making good decisions with minimal information: simultaneous and sequential choice publication-title: Journal of Bioeconomics doi: 10.1023/A:1020542800376 contributor: fullname: Dudey – volume: 24 start-page: 29 issue: 3 year: 1986 ident: 10.1016/j.jbusvent.2006.04.002_bib23 article-title: Entrepreneurs: opportunistic decision makers publication-title: Journal of Small Business Management contributor: fullname: Olson – volume: 1 start-page: 7 year: 1988 ident: 10.1016/j.jbusvent.2006.04.002_bib27 article-title: Status quo bias in decision making publication-title: Journal of Risk and Uncertainty doi: 10.1007/BF00055564 contributor: fullname: Samuelson – ident: 10.1016/j.jbusvent.2006.04.002_bib31 – volume: 5 start-page: 193 issue: 1 year: 1991 ident: 10.1016/j.jbusvent.2006.04.002_bib15 article-title: Anomalies – The endowment effect, loss aversion, and the status quo bias publication-title: Journal of Economic Perspectives doi: 10.1257/jep.5.1.193 contributor: fullname: Kahneman – volume: 20 start-page: 25 issue: 4 year: 1996 ident: 10.1016/j.jbusvent.2006.04.002_bib4 article-title: A cross-cultural cognitive model of new venture creation publication-title: Entrepreneurship Theory and Practice doi: 10.1177/104225879602000403 contributor: fullname: Busenitz – volume: 31 start-page: 680 issue: 6 year: 1985 ident: 10.1016/j.jbusvent.2006.04.002_bib17 article-title: Cognitive heuristics and feedback in a dynamic decision environment publication-title: Management Science doi: 10.1287/mnsc.31.6.680 contributor: fullname: Kleinmuntz – volume: 30 start-page: 409 issue: 4 year: 2005 ident: 10.1016/j.jbusvent.2006.04.002_bib28 article-title: Dynamics, experimental economics, and entrepreneurship publication-title: Journal of Technology Transfer doi: 10.1007/s10961-005-2585-1 contributor: fullname: Schade – ident: 10.1016/j.jbusvent.2006.04.002_bib26 doi: 10.1037/e640112011-074 – volume: 9 start-page: 461 year: 1999 ident: 10.1016/j.jbusvent.2006.04.002_bib37 article-title: Simple inference heuristics versus complex decision machines publication-title: Minds and Machines doi: 10.1023/A:1008335515764 contributor: fullname: Todd – volume: 7 start-page: 477 issue: 6 year: 1992 ident: 10.1016/j.jbusvent.2006.04.002_bib21 article-title: Entrepreneurial heuristics: a comparison between high PI (pioneering–innovative) and low PI venture publication-title: Journal of Business Venturing doi: 10.1016/0883-9026(92)90021-I contributor: fullname: Manimala – volume: 20 start-page: 312 issue: 3 year: 2005 ident: 10.1016/j.jbusvent.2006.04.002_bib19 article-title: Intuitive optimizing: experimental findings on time-allocation decisions with newly formed ventures publication-title: Journal of Business Venturing doi: 10.1016/j.jbusvent.2004.01.005 contributor: fullname: Lévesque – volume: 12 start-page: 9 issue: 1 year: 1997 ident: 10.1016/j.jbusvent.2006.04.002_bib3 article-title: Differences between entrepreneurs and managers in large organizations: biases and heuristics in strategic decision-making publication-title: Journal of Business Venturing doi: 10.1016/S0883-9026(96)00003-1 contributor: fullname: Busenitz – volume: 1 start-page: 15 year: 2005 ident: 10.1016/j.jbusvent.2006.04.002_bib2 article-title: Status quo bias versus variety seeking: an experimental investigation into situational and individual moderators publication-title: Marketing – Journal of Research and Management contributor: fullname: Burmeister – volume: 185 start-page: 1124 year: 1974 ident: 10.1016/j.jbusvent.2006.04.002_bib38 article-title: Judgment under uncertainty: heuristics and biases publication-title: Science doi: 10.1126/science.185.4157.1124 contributor: fullname: Tversky – volume: 41 start-page: 1 year: 1990 ident: 10.1016/j.jbusvent.2006.04.002_bib33 article-title: Invariants of human behavior publication-title: Annual Review of Psychology doi: 10.1146/annurev.ps.41.020190.000245 contributor: fullname: Simon – volume: 103 start-page: 650 issue: 4 year: 1996 ident: 10.1016/j.jbusvent.2006.04.002_bib10 article-title: Reasoning the fast and frugal way: models of bounded rationality publication-title: Psychological Review doi: 10.1037/0033-295X.103.4.650 contributor: fullname: Gigerenzer – start-page: 37 year: 1999 ident: 10.1016/j.jbusvent.2006.04.002_bib12 article-title: The recognition heuristic: how ignorance makes us smart contributor: fullname: Goldstein – year: 1963 ident: 10.1016/j.jbusvent.2006.04.002_bib5 contributor: fullname: Campbell – volume: 3 start-page: 97 issue: 2 year: 1988 ident: 10.1016/j.jbusvent.2006.04.002_bib6 article-title: Entrepreneurs' perceived chances for success publication-title: Journal of Business Venturing doi: 10.1016/0883-9026(88)90020-1 contributor: fullname: Cooper – volume: 19 start-page: 1197 year: 1984 ident: 10.1016/j.jbusvent.2006.04.002_bib25 article-title: What is, must be best: a research note on conservative or deferential responses to antenatal care provision publication-title: Social Science & Medicine doi: 10.1016/0277-9536(84)90370-8 contributor: fullname: Porter – volume: 47 start-page: 263 year: 1979 ident: 10.1016/j.jbusvent.2006.04.002_bib39 article-title: Prospect theory: an analysis of decision under risk publication-title: Econometrica doi: 10.2307/1914185 contributor: fullname: Kahneman – volume: 6 start-page: 45 issue: 1 year: 1991 ident: 10.1016/j.jbusvent.2006.04.002_bib16 article-title: Characteristics of opportunities search of entrepreneurs versus executives publication-title: Journal of Business Venturing doi: 10.1016/0883-9026(91)90005-X contributor: fullname: Kaish – volume: 18 start-page: 381 issue: 3 year: 2003 ident: 10.1016/j.jbusvent.2006.04.002_bib32 article-title: VC's decision processes: evidence suggesting more experience may not always be better publication-title: Journal of Business Venturing doi: 10.1016/S0883-9026(02)00099-X contributor: fullname: Shepherd – volume: 7 start-page: 15 year: 1993 ident: 10.1016/j.jbusvent.2006.04.002_bib9 article-title: Framing, probability distorsions, and insurance decisions publication-title: Journal of Risk and Uncertainty doi: 10.1007/BF01065313 contributor: fullname: Johnson – volume: 3 start-page: 223 issue: 3 year: 1988 ident: 10.1016/j.jbusvent.2006.04.002_bib36 article-title: Decision making in smaller entrepreneurial and larger professionally managed firms publication-title: Journal of Business Venturing doi: 10.1016/0883-9026(88)90016-X contributor: fullname: Smith – volume: 66 start-page: 274 issue: 2 year: 1976 ident: 10.1016/j.jbusvent.2006.04.002_bib35 article-title: Experimental economics: induced value theory publication-title: American Economic Review contributor: fullname: Smith – volume: 20 start-page: 623 issue: 5 year: 2005 ident: 10.1016/j.jbusvent.2006.04.002_bib8 article-title: Are some entrepreneurs more overconfident than others? publication-title: Journal of Business Venturing doi: 10.1016/j.jbusvent.2004.05.001 contributor: fullname: Forbes – volume: 108 start-page: 604 year: 2000 ident: 10.1016/j.jbusvent.2006.04.002_bib13 article-title: Does entrepreneurship pay? An empirical analysis of the returns to self-employment publication-title: Journal of Political Economics doi: 10.1086/262131 contributor: fullname: Hamilton – volume: 106 start-page: 141 year: 1991 ident: 10.1016/j.jbusvent.2006.04.002_bib14 article-title: Consumer rationality and the status quo publication-title: Quarterly Journal of Economics doi: 10.2307/2937910 contributor: fullname: Hartman – volume: 1 start-page: 39 year: 1980 ident: 10.1016/j.jbusvent.2006.04.002_bib40 article-title: Toward a positive theory of consumer consumer choice publication-title: Journal of Economic Behavior and Organization doi: 10.1016/0167-2681(80)90051-7 contributor: fullname: Thaler – volume: 10 start-page: 425 issue: 6 year: 1995 ident: 10.1016/j.jbusvent.2006.04.002_bib24 article-title: Using cognitive theory to explain entrepreneurial risk-taking: challenging conventional wisdom publication-title: Journal of Business Venturing doi: 10.1016/0883-9026(95)00082-J contributor: fullname: Parlich – volume: 92 start-page: 745 year: 2002 ident: 10.1016/j.jbusvent.2006.04.002_bib22 article-title: The returns to entrepreneurial investment: a private equity premium puzzle? publication-title: American Economic Review doi: 10.1257/00028280260344452 contributor: fullname: Moskowitz – ident: 10.1016/j.jbusvent.2006.04.002_bib18 – volume: 29 start-page: 281 year: 1992 ident: 10.1016/j.jbusvent.2006.04.002_bib34 article-title: Choice in context: tradeoff contrast and extremeness aversion publication-title: Journal of Marketing Research doi: 10.2307/3172740 contributor: fullname: Simonson – volume: 5 start-page: 129 year: 1984 ident: 10.1016/j.jbusvent.2006.04.002_bib1 article-title: Cognitive biases and their impact on strategic planning publication-title: Strategic Management Journal doi: 10.1002/smj.4250050204 contributor: fullname: Barnes |
| SSID | ssj0003817 |
| Score | 2.28461 |
| Snippet | Entrepreneurship research has demonstrated that entrepreneurs are more susceptible to certain cognitive biases than are selected other individuals. We... |
| SourceID | proquest crossref repec elsevier |
| SourceType | Aggregation Database Index Database Publisher |
| StartPage | 340 |
| SubjectTerms | Bias Comparative analysis Decision making Entrepreneurs Entrepreneurship Questionnaire experiment Schumpeterian entrepreneur Status quo bias Students Studies |
| Title | Are entrepreneurs' decisions more biased? An experimental investigation of the susceptibility to status quo bias |
| URI | https://dx.doi.org/10.1016/j.jbusvent.2006.04.002 http://econpapers.repec.org/article/eeejbvent/v_3a22_3ay_3a2007_3ai_3a3_3ap_3a340-362.htm https://www.proquest.com/docview/195836966 |
| Volume | 22 |
| hasFullText | 1 |
| inHoldings | 1 |
| isFullTextHit | |
| isPrint | |
| link | http://utb.summon.serialssolutions.com/2.0.0/link/0/eLvHCXMwpV3PS-QwFH6IgnoR13Vx1JUcFvZUp9Ok6fQkw6wyruhlV5hbSJqU7YBtnbaCF_92X9JWKyzsYQ_pL9oQ8vLyvqTfew_gW6xwnaG59kLJAo8pP_SmMka9illgcx6hWbAOzrd3fHHPfi7D5QbMe18YS6vs5v52Tnezdfdk3PXmuMyy8S_UD1ywIx7nLorL0nqwo_nDMX3-8k7zsBHoWiRJPfv2wEt4db5STWVphd1PCfa2vfIXAzUAoFtrU5pkYIeu9mGvA5Bk1rbxE2yY_AC2e_76Aez0rsbVZyhna0OGkSur70R3SXUqYim2RGVoxvQFmeVkGOyfZO_xN4qcFClBoEiqpnIsGEeofSZ1Qaw_UlORx6ZwNR3C_dXl7_nC61IseAmjUe2hQis_naQyCQ1DcKgjg_Yp1kriSiXS04jSKPFlyBMpEYgwrViKEIqzSeDTVEb0C2zmRW6OgKQmMliV0txHyzjhU5f7UzHmG6pCqUYw7vtVlG0kDdFTzFail4RNi8mFzwRKYgRx3_3iw5gQON3_89uTXl6i08pK2MA6Nn8hH8HcifCtIcaYlXJ1PAkqgwAPz_bCBnSmMsNCsZT2zHyBRl_8qR-O_6N9J7Db7hJb6uQpbNbrxnxFeFOrMzd-z2Brdn2zuMO7HzfXr3DC-8s |
| link.rule.ids | 315,783,787,4016,4509,24128,27936,27937,45597,45691 |
| linkProvider | Elsevier |
| linkToHtml | http://utb.summon.serialssolutions.com/2.0.0/link/0/eLvHCXMwpV1LT9wwEB5RkAoXRGkrlkfrQ6WewmZjx9mc0GoF2rbApSDtzbJjR81KJGGTIHHhtzN2EkglpB56yENRYlkez8xn55sZgG-xwnWG5toLJQs8pvzQm8oY9Spmga15hG7BBjhfXfPFLfu5DJcbMO9jYSytsrP9rU131rp7Mu5Gc1xm2fg36gcu2BGPc5fFZfkOtpjFxzipT59eeR42BV0LJalnXx-ECa9OV6qpLK-w-yvBXvZX3vBQAwS6tTalSQaO6GIPdjsESWZtJz_Ahsn34X1PYN-H7T7WuPoI5WxtyDB1ZfWd6K6qTkUsx5aoDP2YPiOznAyz_ZPsNQFHkZMiJYgUSdVUjgbjGLWPpC6IDUhqKnLfFK6lT3B7cX4zX3hdjQUvYTSqPdRo5aeTVCahYYgOdWTQQcVaSVyqRHoaURolvgx5IiUiEaYVSxFDcTYJfJrKiH6GzbzIzQGQ1EQGm1Ka--gaJ3zqin8qxnxDVSjVCMb9uIqyTaUheo7ZSvSSsHUxufCZQEmMIO6HX_w1KQTa-39-e9TLS3RqWQmbWccWMOQjmDsRvnTEGLNSro0HQWUQ4OnR3tiMzlRmeFA8SntlvkCvL_7Ud4f_0b-vsL24uboUlz-ufx3BTrtlbHmUx7BZrxtzglinVl_cXH4GXY38aw |
| openUrl | ctx_ver=Z39.88-2004&ctx_enc=info%3Aofi%2Fenc%3AUTF-8&rfr_id=info%3Asid%2Fsummon.serialssolutions.com&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=Are+entrepreneurs%27+decisions+more+biased%3F+An+experimental+investigation+of+the+susceptibility+to+status+quo+bias&rft.jtitle=Journal+of+business+venturing&rft.au=Schade%2C+Christian&rft.au=Burmeister%2C+Katrin&rft.series=Journal+of+Business+Venturing&rft.date=2007-05-01&rft.pub=Elsevier&rft.issn=0883-9026&rft.eissn=1873-2003&rft.volume=22&rft.issue=3&rft.spage=340&rft.epage=362&rft_id=info:doi/10.1016%2Fj.jbusvent.2006.04.002&rft.externalDocID=eeejbvent_v_3a22_3ay_3a2007_3ai_3a3_3ap_3a340_362_htm |
| thumbnail_l | http://covers-cdn.summon.serialssolutions.com/index.aspx?isbn=/lc.gif&issn=0883-9026&client=summon |
| thumbnail_m | http://covers-cdn.summon.serialssolutions.com/index.aspx?isbn=/mc.gif&issn=0883-9026&client=summon |
| thumbnail_s | http://covers-cdn.summon.serialssolutions.com/index.aspx?isbn=/sc.gif&issn=0883-9026&client=summon |