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Status quo is a Latin phrase meaning the existing state of affairs, particularly with regard to social, economic, legal, environmental, political, religious, scientific or military issues. [1] In the sociological sense, the status quo refers to the current state of social structure or values. [2]
Status quo bias is a cognitive bias that describes the human tendency to prefer the current state of affairs over change, even when the change may be beneficial. It is a key concept in the field of behavioral economics, which examines how psychological factors influence economic decision-making.
8 wrz 2023 · In the sphere of economic systems, capitalism, where private individuals and businesses control trade and industry, has been a dominant status quo. In such systems, the drivers of the economy are profit and market competition.
13 gru 2023 · What Is the Status Quo Bias? The status quo bias is defined as "a non-rational or biased preference for the current way of doing things." An example is choosing to drive the same way to work each day or always ordering the same food item at a local restaurant.
Status Quo bias is an emotional preference for the current situation. In economics, status quo bias can cause individuals to make seemingly non-rational decisions to stay with a sub-optimal situation. For example, over a lifetime, it is rational to save for a pension.
Status quo bias. 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.
1 gru 2022 · Status-quo enhancing changes promote reforms that advance the objectives of the existing regime and so serve to drive change that would otherwise be limited by the inertia of existing institutions. Conversely, status-quo challenging changes undermine the stated goals of the existing regime.
