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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 has been attributed to a combination of loss aversion and the endowment effect, two ideas relevant to prospect theory.An individual weighs the potential losses of switching from the status quo more heavily than the potential gains; this is due to the prospect theory value function being steeper in the loss domain. [1]
The status quo represents the existing state of affairs. Unresolved difficulties or disagreements concerning the state of affairs can provoke a crisis . Dispute resolution is naturally desired, and naturally provided, by forms of inclusive social interaction, such as consensus decision-making , which adapt, but not conveniently, from a family ...
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
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.
Status quo bias should be distinguished from a rational preference for the status quo ante, as when the current state of affairs is objectively superior to the available alternatives, or when imperfect information is a significant problem. A large body of evidence, however, shows that status quo bias frequently affects human decision-making. [63]
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
Two provincial political parties, the Coalition Avenir Québec and the Quebec Liberal Party, support different ideas about Quebec's political status within Canada; the former wants to make Quebec an autonomous province within Canada, while the latter, like its former national parent party, supports maintaining the status quo with Quebec ...