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The exchange of control and the price of personal freedom.

Publication: International Advances in Economic Research
Publication Date: 01-AUG-07 		Format: Online
Delivery: Immediate Online Access
Full Article Title: The exchange of control and the price of personal freedom.(RESEARCH NOTE)

Article Excerpt
JEL D01 * D11

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Traditional utility theory is used to analyze the choice between two "goods," money and the personal freedom to control one's own life. This theoretical model is extremely useful for understanding human behavior, and it is confirmed by an empirical application in the labor market.

Personal freedom is a very real, although intangible, asset, which adds to an individual's overall satisfaction or utility. Money is...

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