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Measuring the intrinsic value of choice

Christoph Feldhaus et al.

European Economic Review2026https://doi.org/10.1016/j.euroecorev.2025.105254article
AJG 3ABDC A*
Weight
0.50

Abstract

We propose a method to quantify the intrinsic value of choice as a distinct component of utility separate from outcome-based utility. Using this conceptual approach, we discuss how the instrumental value of choice can be separated from its intrinsic value and derive a measure of the utility loss from constrained choice. In an incentivized online experiment, we estimate the average intrinsic value of choice at 8.9% of participants’ endowments. This suggests that the ability to choose itself constitutes a non-trivial source of utility. This observation has implications for the evaluation of policies and institutions that limit individual choice, such as command-and-control policies, even without altering material outcomes.

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https://doi.org/https://doi.org/10.1016/j.euroecorev.2025.105254

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@article{christoph2026,
  title        = {{Measuring the intrinsic value of choice}},
  author       = {Christoph Feldhaus et al.},
  journal      = {European Economic Review},
  year         = {2026},
  doi          = {https://doi.org/https://doi.org/10.1016/j.euroecorev.2025.105254},
}

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Measuring the intrinsic value of choice

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Evidence weight

0.50

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.50 × 0.4 = 0.20
M · momentum0.50 × 0.15 = 0.07
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

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