Definition: Status Quo Bias is the human tendency to like things to stay relatively the same. The current situation is taken as the reference point, and any change from that baseline is perceived as a loss. Assumptions of longevity (long lasting), goodness as well as inertia (resistance to change) are said to be contributing factors to status quo bias.
More on individual decision making: Anchoring Bias, Bayesian Theory, Black Swan Theory, Bounded Rationality, Cognitive Bias, more...
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