Status Quo Bias
Status quo bias is the preference for things to stay as they are — sticking with the current option even when a clearly better alternative is available.
Full definition of Status Quo Bias →:: COMPARE ::
Status quo biasvsEndowment effect
The short answer
Same loss-aversion machinery pointed at different objects. The endowment effect guards a thing you own; status quo bias guards a state you're in. One inflates a price, the other prevents a switch.
Side by side
| Aspect | Status quo bias | Endowment effect |
|---|---|---|
| Guards | A state | An object |
| Shows as | No switch | A price gap |
| Exploited by | Defaults | Free returns |
| Underneath | Loss aversion | Loss aversion |
What each one means
Endowment Effect
The endowment effect is valuing something more once you own it — demanding more to give it up than you would have paid to get it.
Full definition of Endowment Effect →