Sunstein, CR;
Bobadilla-Suarez, S;
Sharot, T;
(2016)
The Intrinsic Value of Control: The Propensity to Under-Delegate in the Face of Potential Gains and Losses.
Social Science Research Network (SSRN): Amsterdam, Netherlands.
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Abstract
Human beings are often faced with a pervasive problem: whether to make their own decisions or to delegate decision tasks to someone else. Here, we test whether people are inclined to forgo monetary rewards in order to retain agency when faced with choices that could lead to losses and gains. In a simple choice task, we show that even though participants have all the information needed to maximize rewards and minimize losses, they choose to pay in order to control their own payoff. This tendency cannot be explained by participants’ overconfidence in their own ability, as their perceived ability was elicited and accounted for. Rather, the results reflect an intrinsic value for choice, which emerges in the domain of both gains and losses. Moreover, our data indicates that participants are aware that they are making suboptimal choices in the normative sense, but do so anyway, presumably for psychological gains.
Type: | Working / discussion paper |
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Title: | The Intrinsic Value of Control: The Propensity to Under-Delegate in the Face of Potential Gains and Losses |
Open access status: | An open access version is available from UCL Discovery |
DOI: | 10.2139/ssrn.2821919 |
Publisher version: | https://dx.doi.org/10.2139/ssrn.2733142 |
Language: | English |
Additional information: | This version is the version of record. For information on re-use, please refer to the publisher’s terms and conditions. |
Keywords: | control premium, delegation, agency, decision rights, gains, losses |
UCL classification: | UCL UCL > Provost and Vice Provost Offices > School of Life and Medical Sciences UCL > Provost and Vice Provost Offices > School of Life and Medical Sciences > Faculty of Brain Sciences UCL > Provost and Vice Provost Offices > School of Life and Medical Sciences > Faculty of Brain Sciences > Div of Psychology and Lang Sciences UCL > Provost and Vice Provost Offices > School of Life and Medical Sciences > Faculty of Brain Sciences > Div of Psychology and Lang Sciences > Experimental Psychology |
URI: | https://discovery.ucl.ac.uk/id/eprint/10093040 |
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