Abstract
<jats:p>Earnings premiums for long hours vary across occupations, shaping gender sorting and inequality. The leading explanation emphasizes firm-side production technologies, yet hours and wages are equilibrium outcomes reflecting worker preferences and market structure. We build a directed search-and-matching model that allows us to decompose the premium. Premiums compensate for the disutility of long hours and bargaining power; productivity explains little in Tech, where premiums approach 20%. This disutility is highest among women, who sort away from long-hours jobs; these amenity differences account for 22% of the gender earnings gap. In counterfactuals, general-equilibrium responses through market tightness substantially change policy impacts.</jats:p>