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
  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:  View help for Summary 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:  View help for Subject Terms Desire for control; autonomy; delegation; experimental methods
JEL Classification:  View help for JEL Classification
      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):  View help for Time Period(s) 2010 – 2012
Data Type(s):  View help for Data Type(s) experimental data

Methodology

Data Source:  View help for Data Source Human subjects
Unit(s) of Observation:  View help for Unit(s) of Observation Expected USD,

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Published Versions

V1 [2019-10-12]

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