The Control Premium: A Preference for Payoff Autonomy
实验发现，人们愿意牺牲8%至15%的预期收益来保留对自己收益的控制权，这解释了为何人们避免委托决策，并提醒从选择推断信念的研究可能高估过度自信。
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.