Pat comments on Collating widely available time/money trades - Less Wrong

17 Post author: RyanCarey 19 November 2012 10:57PM

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Comment author: Pat 09 January 2013 03:50:03AM *  0 points [-]

If you wear glasses, you could get LASIK surgery. (I haven't done this.) According to these speculative calculations, the cost per hour of time saved is somewhere between less than zero (not having to get new glasses saves you money) and $55. But you can get the benefits only once, unfortunately.

Discount rate: 10%

Financial cost of glasses

  • cost of a pair of glasses each year: $15–$400
  • addional cost for updating prescription yearly: $50 (?)

total: $65–$450/year (PV ~ $650–$4500)

Time cost of glasses

  • putting on and taking off glasses: 20s/day
  • cleaning glasses: 20s/day
  • looking for misplaced glasses: 20s/day
  • updating prescription, shopping for glasses, ordering: 3 hours/year

total: 9 hours/year (PV ~ 90 hours)

Financial cost of LASIK

  • cost of LASIK surgery and follow-up appointments: $2,000–$5,000

Time cost of LASIK

  • scheduling, filling out paperwork, counseling, travel, etc. (pre-surgery): 3 hours
  • surgery: .5 hours
  • four checkups at 1.5 hours/checkup (including transit time)

total: 9.5 hours (PV ~ 9.5 hours)

total: $2,000–$5,000

net financial cost: -$2,500 to $4,350

net time savings: ~80 hours

per-hour cost: negative to ~$55/hour