In a recent lecture, Richard Layard cited a pair of studies one of which showed a relative preference for income and the other an absolute preference for time. For example, given the choice between making $40,000 when the average income was $80,000 or $20,000 when the average was $10,000 people preferred the latter. But given the choice between 4 weeks of vacation when the average was 8 week or 2 weeks when the average was 1 week, people chose the former.
Tom Walker 604 255 4812
