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A status quo bias or default bias is a cognitive bias which results from a preference for the maintenance of one's existing state of affairs. [1] The current baseline (or status quo) is taken as a reference point, and any change from that baseline is perceived as a loss or gain.
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: the state in which: The current condition or situation. status quo ante: the state in which [things were] before: The state of affairs prior to some upsetting event. Often used as a legal term. status quo ante bellum: the state before the war: A common term in peace treaties. stet: let it stand
Contribution (law), an agreement between defendants in a suit to apportion liability; Contributions, a vital goal of fundraising; Contribution margin, the selling price per unit minus the variable cost per unit; Contribution, a principle of insurance
An individual's utility function is impacted by their reference point. Reference dependence asserts a value onto a product that can be assigned with numerous differing attributes the value is measured by the deviation from a reference point or status quo, which is either a gain or a loss in value.
Status quo state is a term from power transition theory within the wider field of international relations. It is used to describe states, that unlike revisionist states , see the international system of states, international law and often even free market economics as integral aspects of the international spectrum that should be upheld.
The decisions actors within a society make also have lot to do in the survival and eventual evolution of an institution: they foster groups who want to maintain the set of rules of the game (as described by North), keeping a status quo impeding institutional change. [52]
Ex aequo et bono (Latin for "according to the right and good" or "from equity and conscience") is a Latin phrase that is used as a legal term of art.In the context of arbitration, it refers to the power of arbitrators to dispense with application of the law, if appropriate, and decide solely on what they consider to be fair and equitable in the case at hand. [1]