Conservatism and Anchoring and Status quo

Any could differentiate the following 3 concept?

  1. conservatism

  2. anchoring

  3. status quo

the example in the notes are too similar. It indeed confused for several weeks!

  1. Putting too much focus on info used in the original forecast

  2. Fixing on a number - E.g the stock will go up to $10

  3. Stay in the current investments.

1- Conservative = focus on past experiences and methods used and dont change. (belief pers)

2- anchoring = adjusting weights most probably based on previous event you’ve encountered (info process)

3- status quo = emotional due to Inertia… stay the way you are

  1. belief.

  2. cognitive issue.

  3. emotional issue.

think about it.

HI, prophets, my understanding is basically the same as yours,

just note that the conservatism bias is also a cognitive bias, so …

the critical point is how to seperate a emotional issue from a cognitive one in the exam.