Price of freedom: are we willing to pay anything and how much?

Abstract

Freedom is one of the most frequently used words; however, the notion of freedom has become convoluted in recent times. In this study, we examined if freedom is really important to individuals and the price an individual is willing to pay to remain free. Specifically, the primary purpose of this study is to determine the price of freedom from an individual perspective and to consider the ramifications of establishing a commercial market for freedom. Employing data collected from prisoners and the general public, the notion of freedom is examined and the price which individuals are willing to pay to be free is assessed. Results of the study indicate that there is a significant variance in the price that individuals are willing to pay to remain free. Furthermore, many individuals are not willing to pay anything if the loss of freedom is only for a short duration. The results of this study are utilised to offer public policy recommendations to the government and administrators.