Features of the value function for voice and their consistency across participants from four countries: Great Britain, Mexico, The Netherlands, and the United States

This study investigated features of the value function for voice using subj ects from four countries: Great Britain, Mexico, The Netherlands, and the U nited States. Across these four groups of subjects the shape of the value f unction was found to be similar, though differences in the estimated refere nce points were detected. Consistent with predictions derived from prospect theory (Kahneman & Tversky, 1979) the relationship between the value of vo ice and the magnitude of voice was found to be direct, monotonic, and nonli near. The largest increment in value occurred when the magnitude of voice s hifted from mute to some voice. Thereafter, increments in value tended to d ecline in magnitude suggesting diminishing marginal returns on the response measure of procedural fairness. An. unexpected finding was that the final segment of the value function was convex indicating increasing marginal ret urns as the magnitude of voice shifted from its penultimate level to its ma ximum possible level. The study also investigated whether subjects' reporte d expectations of voice correspond to the value function reference point as theorized in the literature. Findings suggest that self-reported expectati ons of voice are higher than the estimated value function reference point. (C) 2000 Academic Press.