Environmental Valuation & Cost-Benefit News
Daylight Saving Time Costs Nation $1.7 Billion
03/09/08
11:00:21 am, by damageva 
, 260 words, 111 views 
Categories: Energy, U.S., Regulatory Analysis, Research Institute NGO NonProfit, Costs and Benefits
Daylight Saving Time Costs Nation $1.7 Billion
...
In making the case for expanding daylight saving time, Reps. Edward Markey, D-Mass., and Fred Upton, R-Mich. promised Americans it could reduce fossil-fuel consumption by the equivalent of 100,000 barrels of oil a day. It turns out, however, that the 100,000-barrel-a-day estimate was based on outdated data from 1974.
Economists typically value the opportunity cost of a person’s time at his or her wage rate. The U.S. Department of Labor’s Bureau of Labor Statistics reports that the average American’s hourly wage was $17.57 in September 2007. Assuming that it takes everyone 10 minutes to move all of their clocks and watches forward or backward by an hour, the opportunity cost of doing so works out to $2.93 per person. Multiplying that number by the total U.S. population (excluding Arizona) yields a one-time opportunity cost for the nation of just under $860 million—or, to be more precise, $858,274,802. Since clocks must be changed twice every year, this back-of-the-envelope calculation must be doubled, to approximately $1.7 billion annually.
...
[In addition], the time changes interrupt our circadian rhythms—that is, our daily biological patterns—and productivity inevitably falls in the days following the switch, as people report groggily to work.
by William F. Shughart II, Senior Fellow at The Independent Institute, F.A.P. Barnard Distinguished Professor of Economics, holder of the Robert M. Hearin Chair at the University of Mississippi and editor of the Independent Institute book, Taxing Choice: The Predatory Politics of Fiscal Discrimination.
FOR FULL ARTICLE GO TO:
http://www.independent.org/newsroom/article.asp?id=2144
The Independent Institute www.independent.org
March 7, 2008
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