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When Decisions Require Consideration, People Give Up Control
Agents insist on agency for many reasons, including a desire to obtain their preferred choice and a desire for control. Agents may also forgo agency because they desire to avoid the costs of considering a decision. In a large experiment, we present decision-makers with a menu of investment options and investigate whether they insist on agency or let someone else choose for them. We find that requiring individuals to consider their choice makes them more willing to forgo agency. This consideration effect arises even among experienced decision-makers and across a range of decision-maker characteristics. While we observe few differences in participants‘ willingness to forgo agency across demographic groups, people expect many differences to arise, including that women would be more willing to forgo agency than men.
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