mattnewport comments on Case study: Melatonin - Less Wrong
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The marginal utility of an extra hour of free time outweighs my nominal hourly wage. My point is that most skilled jobs offer limited flexibility in the marginal substitution of additional free time for income. One reason for this is that most skilled jobs have an annual salary, not an hourly wage. I would prefer to work 10% or 20% less for 10% or 20% less income (which given progressive income taxes would actually amount to a cost saving of more than 10% or 20% to my employer) but there is limited flexibility to negotiate this in many jobs. Believe me, I've tried.
In my industry (software development) numerous studies have found that productivity flattens off beyond 40 hours a week and actually declines beyond about 60 hours a week (more mistakes are made and morale is impacted). Unfortunately management doesn't always appreciate this fact. And again, reiterating that many skilled jobs are not paid on an hourly wage and do not pay overtime, there is no direct trade off between hours worked and income for many skilled employees.