Freedom, Power, and Interference (with Claudia Neri)
We propose a behavioral theory of preference for decision rights, driven by preference for freedom, power, or non-interference, which can lead subjects to value decision rights intrinsically, i.e., beyond the expected utility associated with them. We conduct a novel laboratory experiment in which the effect of each preference is distinguished. We find that the intrinsic value of decision rights is driven more strongly by preference for non-interference than by preference for freedom or power. This result suggests that individuals value decision rights not because of the actual decision-making process but rather because they dislike others interfering in their outcomes.