As a resource-allocation method, free competition is generally considered more efficient and fairer than binding assignment, yet individuals’ hedonic experiences in these different resource-allocation conditions are largely ignored. Using a minimalistic experimental simulation procedure, we...

We propose that individuals underestimate the costs of making choices relative to the benefits of finding the best option. Specifically, we demonstrate that research participants make systematic mistakes in predicting the effect of having more, vs. less, choice freedom on task performance and...