Changes

In investing, common emotional biases are "loss aversion, overconfidence, self-control (People fail to act in pursuit of their long-term, overarching goals because of a lack of self-discipline), [https://www.echowealthmanagement.com/blog/overcoming-six-emotional-biases-to-have-a-successful-investing-experience status quo], [https://www.investopedia.com/terms/e/endowment-effect.asp endowment effect], and [https://www.echowealthmanagement.com/blog/overcoming-six-emotional-biases-to-have-a-successful-investing-experience regret aversion]. Understanding and detecting biases is the first step in overcoming the effect of biases on financial decisions."<ref>[https://www.cfainstitute.org/en/membership/professional-development/refresher-readings/behavioral-biases-individuals#:~:text=Emotional%20biases%20include%20loss%20aversion,of%20biases%20on%20financial%20decisions. The Behavioral Biases of Individuals], CFA Institute</ref>

== Status quo emotional bias ==

The status quo emotional bias is "in which people do nothing instead of making a change. People are generally more comfortable keeping things the same than they are with change and thus do not necessarily look for opportunities where change may be beneficial. In the absence of an apparent problem requiring a decision, the status quo is maintained. If given a situation where one choice is the default choice, people will frequently let that choice stand rather than opting out of it and making another choice."<ref>[https://www.echowealthmanagement.com/blog/overcoming-six-emotional-biases-to-have-a-successful-investing-experience Overcoming Six Emotional Biases to Have a Successful Investing Experience]</ref>

== External links ==