Conservatism (Cognitive error) vs. Status quo, Endowment (Both Emotional)

[ABAL]

Hi,
Need a little understanding assistance to the subject.
conservatism is keenly associated with anchoring. But why not with the Status Quo and Endowment. 8oth appear worthy to me to be attached to for common exhibition while conservatism is displayed.
Need clarity,
Thanks

 

[Galli]

I think there are subtle but key differences:
Conservatism: new information is coming your way but you only slowly process the changing information. it is a cognative bias because the person with this bias is unable to process the change quick enough to warrant the usefulness of the information. “Realized too late”
Status Quo bias: you know there is new information but you do not accept as you would feel bad/wrong from moving away from your initial decision/information point. It is an emotional bias because the person is aware (cognative of) yet doens’t make the change out of some sort of fear. “I know it but I aint changing it”
Endowment: You just love XYZ stock and will never sell because grammy dearest bought it for you when you were born.

 

[ABAL]

Thanks Galli. That made sense.
conservatism is a change nonetheless albeit at snail’s pace so as to defeat the very purpose the bias was held against.
Status quo- Insistence without logic, not moving an inch.
Endowment-The worth is driven by intangibles that have emotive base(the granny stock)
Precisely why, Conservatism is curable through education while Status Quo or Endowment are difficult to completely eradicate and one may have to live with them. The degree of such emotional bias can be lessened but very difficult to obliterate, hence residual must be accomodated.