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...

Volunteering constitutes one of the most important pro-social activities. Following Aristotle, helping others is "the" way to higher individual wellbeing. This view contrasts with the selfish utility maximizer, who avoids helping others. The two rival views are studied empirically. We find...