“…as an unpleasant activity that must be endured as a means to earn an income and finance consumption. Nevertheless, studies relying on self-reported and experimental data have challenged the assumption that only monetary motivations matter in the labour market (Binder, 2016;Bradler et al, 2016;Hamermesh, 2018;Hamilton, 2000;Kosfeld et al, 2017;Preston, 1989;Stern, 2004). In fact, one convincing piece of evidence for the intrinsic value of work is the enormous psychological cost of becoming unemployed, which by far exceeds income losses (Clark, 2001;Kassenboehmer and Haisken-DeNew, 2009; Knabe and Rätzel, 2011a,b;Nikolova and Ayhan, 2019;Winkelmann and Winkelmann, 1998).…”