Publication type
Journal Article
Authors
Publication date
June 1, 2007
Abstract:
One can be independent, or one can be subject to decisions made by others. This paper argues that this difference, embodied in the institutional distinction between the decision-making procedures ‘market’ and ‘hierarchy’, affects individual wellbeing beyond outcomes. Taking self-employment as an important case of independence, it is shown that the self-employed derive higher satisfaction from work than those employed in organizations, irrespective of income gained or hours worked. This is evidence for procedural utility: people value not only outcomes, but also the processes leading to outcomes.
Published in
Economica
Volume
Volume: 75 (298):362-383
DOI
http://dx.doi.org/10.1111/j.1468-0335.2007.00594.x
Subjects
Notes
Originally 'Online Early'
Albert Sloman Library Periodicals *restricted to Univ. Essex registered users*
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