Jeff Shrader (a phd candidate at USC ) has written some pretty interesting research on the effect of time zones/sleep on productivity: in short, the farther east you live in a time zone the more sleep you get (early to bed) and there is a noticeable effect on wages/productivity. However, the link or effect of eliminating time zones is not understood as well.   


Link to Jeff's work: http://acsweb.ucsd.edu/~jgshrade/papers/sleep_productivity.pdf

If you want a solid summary of the issue and what we know vs. what we don't Freakonomics covered this in their podcast on March 30th : http://freakonomics.com/podcast/economics-sleep-part-2-freakonomics-radio-rebroadcast/

I would suggest our legislators take a listen or read to both before deciding if this is even worth taking time to debate. The amount of uncertainty combined with the loss of daylight hours aligned with working hours for Northern Alaska should be enough reason to hold off on changing anything for now.