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Updated: Jul 3, 2025

Measuring the Subjective Value of Risky and Ambiguous Options using Experimental Economics and Functional MRI Methods
Published on: September 19, 2012
Distinguishing between intrinsic and instrumental sources of the value of choice
Sean Devine1, Kevin da Silva Castanheira1, Stephen M Fleming2
1Department of Psychology, McGill University, Montreal, Canada.
Abstract:
Considerable evidence suggests that people value the freedom to choose. However, it is unclear whether this preference for choice stems purely from choice's intrinsic value, or whether people prefer to choose because it tends to provide instrumental information about desirable outcomes. To address this question, participants completed a novel choice task in which they could freely choose to exert choice or not, manipulating the level of instrumental contingency between participants' choices and eventual outcomes, which we operationalized using the information-theoretic concept of mutual information. Across two experiments (N = 100 each), we demonstrate a marked preference for choice, but importantly found that participants' preference for free choice is weakened when actions are decoupled from outcomes. Taken together, our results demonstrate that a significant factor in people's preference for choice is an assumption about the instrumental value of choice, suggesting against a purely intrinsic value of choice.
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