Freedom of choice describes an individual's opportunity and autonomy to perform an action selected from at least two available options, unconstrained by external parties.[1]
In the abortion debate, for example, the term "freedom of choice" may emerge in defense of the position that a woman has a right to determine whether she will proceed with or terminate a pregnancy.[2][3][4] Similarly, other topics such as euthanasia,[5] vaccination, contraception,[6] and same-sex marriage[7] are sometimes discussed in terms of an assumed individual right of "freedom of choice". Some social issues, for example the New York "Soda Ban" have been both defended[8] and opposed,[9] with reference to "freedom of choice".
In microeconomics, freedom of choice is the freedom of economic agents to allocate their resources (such as goods, services, or assets) as they see fit, among the options that are available to them.[10][11] It includes the freedom to engage in employment available to them.[12]
Ratner et al., in 2008, cite the literature on libertarian paternalism which states that consumers do not always act in their own best interests. They attribute this phenomenon to factors such as emotion, cognitive limitations and biases, and incomplete information - which they state may be remedied by various proposed interventions. They discuss providing consumers with information and decision tools, organizing and restricting their market options, and tapping emotions and managing expectations. Each of these, they state, could improve consumers' ability to choose.[13]
However, economic freedom to choose ultimately depends upon market competition, since buyers' available options are usually the result of various factors controlled by sellers, such as overall quality of a product or a service and advertisement. In the event that a monopoly exists, the consumer no longer has the freedom to choose to buy from a different producer. As Friedrich Hayek pointed out:
Our freedom of choice in a competitive society rests on the fact that, if one person refuses to satisfy our wishes, we can turn to another. But if we face a monopolist we are at his absolute mercy.