Status quo bias

This article gives a basic definition in behavioral economics.
View a complete list of basic definitions in behavioral economics

Definition

The status quo bias is a phenomenon whereby people prefer not to make changes to the existing setup, even when the benefits of such changes far exceed the costs.

Alternative explanations for apparent status quo bias

Loss aversion and endowment effect

Further information: Loss aversion, endowment effect

Sometimes, what appears to be a status quo bias may in fact be because people are attached to what they currently have. Two closely related concepts here are loss aversion (which says that the prospect of a loss is much more distressing than the prospect of not making an equivalent gain) and the endowment effect (which says that a person's valuation of a good increases once a property right to the good has been established).