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Status Quo Bias

   

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.
SQB is not the same as a rational preference for the state of affairs, such as is the case when the current situation is objectively better than the available alternatives. SQB also differs from a situation with insufficient or incorrect information.
This type of cognitive bias in judgment and decision making is similar to anchoring bias and confirmation bias.


   
   
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Learn more about Status Quo Bias.



More on individual decision making: Anchoring Bias, Bayesian Theory, Black Swan Theory, Bounded Rationality, Cognitive Bias, more on individual decision making...


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