Throughout, I try to pick conservative numbers; and it’s more conservative to value my time at a lower bound like minimum wage than what I’m actually paid since working is not always a live alternative.
(Although I’ll admit that in this case, it would probably be more conservative overall to value my time at a lot per hour since it makes each experiment more expensive and less likely to be worth running. I didn’t think a whole lot about the minimum wage assumption. Usually I’m discussing the value of time gained from the use of melatonin or modafinil—where the time value applies to the possible benefit and hence the more one’s time costs, the more likely melatonin or modafinil is worth the money...)
Why do you value your time at minimum wage?
Let me attempt an umeshism: If he valued his time for more, people would wonder why he thought he was worth it.
Throughout, I try to pick conservative numbers; and it’s more conservative to value my time at a lower bound like minimum wage than what I’m actually paid since working is not always a live alternative.
(Although I’ll admit that in this case, it would probably be more conservative overall to value my time at a lot per hour since it makes each experiment more expensive and less likely to be worth running. I didn’t think a whole lot about the minimum wage assumption. Usually I’m discussing the value of time gained from the use of melatonin or modafinil—where the time value applies to the possible benefit and hence the more one’s time costs, the more likely melatonin or modafinil is worth the money...)