The welfare effects of time reallocation: evidence from Daylight Saving Time
利用断点回归和双重差分法，发现春季夏令时转换显著降低生活满意度，通过恶化睡眠质量和增加时间压力影响身心健康，而秋季转换则提升满意度。
Abstract Daylight Saving Time (DST) is a widely adopted practice implemented by over 70 countries to align sunlight with day‐to‐day activities and reduce energy demands. However, we do not have a clear knowledge of how it affects individuals' welfare. Using a regression discontinuity combined with a difference‐in‐differences design, we find that the Spring DST transition causes a significant decline in life satisfaction. By inducing a reallocation of time, the transition into DST deteriorates sleep quality and increases time stress, which in turn affects physical and emotional health. Using an event study approach, we find that such effects persist for about six days after the DST transition. Conversely, we provide evidence that the Autumn DST transition gives rise to a significant increase in life satisfaction. Finally, using a simple cost‐benefit analysis, we discuss the potential benefits of ending DST.