Status quo bias, also known as default bias, is a cognitive bias where individuals prefer to maintain their current state of affairs rather than change. This bias leads people to see the existing situation as a reference point, with any deviation from it viewed as a potential loss or gain. Unlike a rational preference for the status quo, status quo bias often persist despite available alternatives that may be objectively better, demonstrating a tendency to favor the familiar over the new.
A notable example of status quo bias can be seen in a study by Samuelson and Zeckhauser in 1988, where participants presented with a financial decision were more likely to stick with a default investment option when it was designated as the status quo, compared to when no status quo was indicated.
To overcome status quo bias, individuals can consciously evaluate alternatives without reference to the default option or consider the potential benefits of change rather than just the risks.