Autumn is arriving here in the UK. I cannot have been alone in finding it tough to drag myself out of bed on Friday morning to teach at the end of a tiring week. The marginal utility of an extra hour under a comfy duvet was so appealing, fortunately so too was the prospect of discussing the Greek debt crisis! Here is an interesting choice to put in front of your students - sure to prompt discussion.

Suppose you have the choice of a job that pays $80,000 per year but only lets you get 7.5 hours of sleep a night and a job that pays $120,000 per year but only lets you get 6 hours of sleep a night

(1) Between these two options, taking all things together, which do you think would give you a happier life as a whole?

(2) If you were limited to these two options, which do you think you would choose?

The choice and the two associated questions was posed by behavioural economist Alex Ree-Jones from Cornell University. His results will be published in the American Economic Review. Benjamin, Daniel J., Ori Heffetz, Miles S. Kimball, and Alex Rees-Jones. “What Do You Think Would Make You Happier? What Do You Think You Would Choose?” Forthcoming, American Economic Review. You can find details here.