Psychological trap

CFA Level III
#1

I can only identify two emotional biases of the 6 traps: overconfidence and status quo.

Sorry, I think the psychological traps are not comparable to behavioral biases…The status quo trap is different from the status quo bias.

#2

I do not thinkg they ever state that these are all emotional traps.

ASCORP

Anchoring

Status Quo

Confirming Evidence

Overconfidence

Recallability

Prudence

#3

This is a different question (SS3).

Why is the status quo bias an emotional bias, while anchoring bias is not?

#4

Anchoring bias is not an emotional bias because it has to do with how you process data. Anchoring bias happens when you are mentally anchored to the first data presented, not emotionally.

#5

Yeah, status quo bias is fear of change; you’re not actually processing information that makes you think the status quo is correct. You just don’t want to do something that rocks the boat and ends up possibly making you lose a lot more than you’re currently losing. This is out of fear (an emotion) rather than information that makes you think the status quo is optimal.