On the economic value of decision rights: An experimental test
Publication date
2023
Document type
PhD thesis (dissertation)
Author
Advisor
Referee
Granting institution
Helmut-Schmidt-Universität/Universität der Bundeswehr Hamburg
Exam date
2023-01-31
Organisational unit
Part of the university bibliography
✅
DDC Class
330 Wirtschaft
Abstract
According to the theoretical freedom-of-choice literature and a growing body of experiments, the economic value of a decision right is reflected not only in its instrumental value, but also in an additional intrinsic value. Building upon findings from previous experiments, I use a novel two-stage laboratory experiment to examine (i) whether individuals value decision rights intrinsically, (ii) how intrinsic valuation depends on structural determinants of the related decision, and (iii) why individuals value decision rights that have no instrumental
benefits. I find decision rights to have intrinsic value which is conditioned by stake size, risk, and domain. Intrinsic-value assignment is positively correlated with a preference for self-determination and –in the domain of losses– with a preference for non-interference of others. Aversion to paternalism is no significant motive behind the intrinsic valuation of decision rights.
benefits. I find decision rights to have intrinsic value which is conditioned by stake size, risk, and domain. Intrinsic-value assignment is positively correlated with a preference for self-determination and –in the domain of losses– with a preference for non-interference of others. Aversion to paternalism is no significant motive behind the intrinsic valuation of decision rights.
Version
Published version
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