Definition Of Status Quo Bias

Status quo bias is the human tendency to like things to stay relatively the same.

Definition of status quo bias. The term was first introduced in 1988 by samuelson and zeckhauser who demonstrated status quo bias through a series of decision making experiments. Status quo bias is an emotional bias. A preference for the current state of affairs the current baseline or status quo is taken as a reference point and any change from that baseline is perceived as a loss. This bias can have an effect on human behavior but it is also a topic of interest in other fields including sociology politics and economics.

Status quo bias is a cognitive bias. The status quo bias is one type of cognitive bias that involves people preferring that things stay as they are or that the current state of affairs remains the same. Status quo bias is evident when people prefer things to stay the same by doing nothing see also inertia or by sticking with a decision made previously samuelson zeckhauser 1988 this may happen even when only small transition costs are involved and the importance of the decision is great. The current situation is taken as the reference point and any change from that baseline is perceived as a loss.

Geeky definition of status quo bias. Status quo bias is the tendency to favour decisions that maintain the status quo i e the existing state of affairs those affected by this bias choose not to divert from established behaviours unless there is compelling incentive to change. How to use status quo in a sentence. Status quo bias is also known as default bias because it refers to our aversion to deviating from the status quo.

Status quo bias is an emotional preference for the current situation. The decision lab is a think tank focused on creating positive impact in the public and private sectors by applying behavioral science. For example over a lifetime it is rational to save for a pension. An irrational preference for the current state of affairs status quo bias should be distinguished from a rational preference for the status quo ante as when the current state of affairs is objectively superior to the available alternatives or when imperfect information is a significant problem a large body of evidence however shows that an irrational.

Status quo definition is the existing state of affairs. In economics status quo bias can cause individuals to make seemingly non rational decisions to stay with a sub optimal situation. Assumptions of longevity long lasting goodness as well as inertia resistance to change are said to be contributing factors to status quo bias.