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Relying on concepts found in prospect theory (D. Kahneman & A. Tversky, 1979), the value function of voice-based participation (i.e., the relationship between the amount of voice received and the value attached to that quantity) was examined. In keeping with tenets of prospect theory, the value function of voice exhibited a nonlinear pattern. Points were identified in which voice displayed significant improvements and diminishing marginal returns on response measures of process fairness, decision control, and outcome satisfaction. Task meaningfulness, a moderator of voice-based participation, did not change the general shape of the value function but did influence the intensity of participant reactions at low and high levels of voice. Voice influence, a second moderator of voice-based participation, had minimal impact on participant responses.