Replication data for: The Control Premium: A Preference for Payoff Autonomy
Principal Investigator(s): View help for Principal Investigator(s) David Owens; Zachary Grossman; Ryan Fackler
Version: View help for Version V1
Name | File Type | Size | Last Modified |
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data_2012_1064 | 10/26/2021 09:02:AM | ||
LICENSE.txt | text/plain | 14.6 KB | 10/12/2019 07:43:PM |
Project Citation:
Owens, David, Grossman, Zachary, and Fackler, Ryan. Replication data for: The Control Premium: A Preference for Payoff Autonomy. Nashville, TN: American Economic Association [publisher], 2014. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-12. https://doi.org/10.3886/E114422V1
Project Description
Summary:
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We document individuals' willingness to pay to control their own
payoff. Experiment participants choose whether to bet on themselves or on a partner answering a quiz question correctly. Given participants' beliefs, which we elicit separately, expected-money maximizers would bet on themselves in 56.4 percent of the decisions. However, participants actually bet on themselves in 64.9 percent of their opportunities, reflecting an aggregate control premium. The average participant is willing to sacrifice 8 percent to 15 percent of expected asset-earnings to retain control. Thus, agents may incur costs to avoid delegating and studies inferring beliefs from choices may overestimate their results on overconfidence.
Scope of Project
Subject Terms:
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Desire for control;
autonomy;
delegation;
experimental methods
JEL Classification:
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C91 Design of Experiments: Laboratory, Individual
D12 Consumer Economics: Empirical Analysis
D82 Asymmetric and Private Information; Mechanism Design
D83 Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
C91 Design of Experiments: Laboratory, Individual
D12 Consumer Economics: Empirical Analysis
D82 Asymmetric and Private Information; Mechanism Design
D83 Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
Time Period(s):
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2010 – 2012
Data Type(s):
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experimental data
Methodology
Data Source:
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Human subjects
Unit(s) of Observation:
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Expected USD,
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