Understanding the power of default option

The Power of the default option has been wonderfully illustrated by Richard Thaler in his book Nudge.

As mentioned by the author, people have a strong tendency to go along with the status quo or the default option.

The primary reason is risk or loss aversion and hence this gets chosen by common people.

Further to this the following insight further supports the insight shared by the author.

To know more about the author Richard Thaler, please visit this link:

https://faculty.chicagobooth.edu/richard-thaler