You could make the case (for argument's sake) that someone who works 8h/day for $30/h and sleeps 8h/day has an an awake time value of $15/h.
While this is definitely a frivolous and arbitrary calculation, it can be a useful metric for a busy person to figure out what his/her time is worth in terms of prioritizing activities. For example, waiting 30 minutes in line to save $3 in gas vs waiting 2 minutes and not getting the $3 savings.
Those 28 minutes could have been spent doing something else, such as quality time with the kids (priceless?), etc.
or to spin it back the other way, the psychological impact of "Hooray, I just scored a great bargain", even if actually provably false, might also provide a boost of happiness beyond the nominal opportunity cost. I wonder if there's a market in placebo coupons? :)
You could make the case (for argument's sake) that someone who works 8h/day for $30/h and sleeps 8h/day has an an awake time value of $15/h.
While this is definitely a frivolous and arbitrary calculation, it can be a useful metric for a busy person to figure out what his/her time is worth in terms of prioritizing activities. For example, waiting 30 minutes in line to save $3 in gas vs waiting 2 minutes and not getting the $3 savings.
Those 28 minutes could have been spent doing something else, such as quality time with the kids (priceless?), etc.