Monday, August 3, 2015

More valuable time, but less? Wages and happiness

As we make more money, we perceive, correctly, that our time has higher value. But as a result, we also feel like we have less time.
Frank Partnoy, Wait: The Art and Science of Delay (New York: Public Affairs, 2012), p. 205
 [E]ven just thinking about our hourly wage impairs our ability to enjoy leisure time. In one experiment, [researchers] asked people to estimate the number of hours they expected to work in a year, as well as their expected annual salary. Half of the group also was asked to calculate their hourly wage. Everyone then spent ten minutes on a pleasurable leisure activity, playing a game or communicating with friends. The subjects who were asked to calculate their hourly wage reported feeling less happy. The mere act of dividing their salary by the number of hours to figure out their hourly wage made their leisure activities less fun.
Id. at p. 206 (citing Sanford E. DeVoe and Julian House, "Time, Money, and Happiness: How Does Putting a Price on Time Affect Our Ability to Smell the Roses?" Journal of Experimental Psychology, vol. 48, pp. 466-67 (2012))

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