| Summary: | Work on procedural
utility suggests that decision makers derive more value from outcomes earned
with freedom of choice. We experimentally tested tradeoffs between procedural
and outcome utility, examining financial losses as an important boundary
condition. Participants completed a simulated consumer sales task (Exp. 1) or
card task (Exp. 2) with or without choice. Participants reported their
satisfaction with monetary outcomes. When given choice, participants reported
greater self-determination. Participants also reported higher outcome
satisfaction, but only for gains. Choice did not influence satisfaction for
losses. In Experiment 2, Participants also preferred choice when selecting
between financial gains. However, when choice was costly (large disparity in
pay) or posed losses, most participants sacrificed choice for better payoffs.
Results are consistent with a cognitive model in which participants shift their
attention from procedural utilities to financial outcomes when faced with
losses. Financial outcomes may take precedence over choice when financial
outcomes are threatened.
|
|---|