"TIMESTAMP and TIME may also be specified as being WITH TIME ZONE, in which case every value has associated with it a time zone displacement. In comparing values of a data type WITH TIME ZONE, the value of the time zone displacement is disregarded." Well what's the point then?
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Replying to @pg_xocolatl
The short version is that the comparison ultimately reflects the difference in the UTC times of the values, ignoring the displacements, which does actually make sense. The long version is ... long
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Replying to @RhodiumToad @pg_xocolatl
In the spec, timestamp comparison is defined roughly as: convert everything to local time, subtract to give an interval in terms of the smallest time unit present, and compare that against 0 to determine less/equal/greater
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Replying to @RhodiumToad @pg_xocolatl
If you're thinking "but DST...?" then you have observed one of the reasons why @PostgreSQL does not follow the spec in this area; the spec has no concept of DST
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