Imagine that an electric company wants to build a loud, ugly power line on your property. They ask, "How much would we need to pay you to make this happen?" You'd probably demand a lot of money.
Now imagine that that power line already exists on your property. How much would you pay the electric company to get rid of it? Would you pay the same amount — or less?
Most people insist on a larger payment to build the power line than they'd be willing to pay for its removal. This difference is an illustration of status quo bias, a cognitive trait most people share. When presented with a potential change, we usually weigh the potential losses more heavily than the potential gains.
To read the full, original article click on this link: Embrace Change, But Still Stand for Something - Robert C. Pozen - HBS Faculty - Harvard Business Review
