How much is your time worth?

cavedave

There is a great piece on traffic in wired here.

He started with a Brookings Institution estimate of the value of a US airline passenger’s time—about $53 an hour. Based on salary data from the Bureau of Labor Statistics, Komanoff bumped that up by 20 percent for people in New York City.

How much is an Irish persons time worth? Or a Dublin persons?

Another interesting statement

Buses are always free, because the time saved when passengers aren’t fumbling for change more than makes up for the lost fare revenue

BESman

According to my charge out rate I'm worth about €50 an hour...:pac:

cavedave

Is that a judgement of how much your time is worth? Is your hourly work simply your annual wage divided by the number of hours in the year?

BESman

cavedave wrote: »

Is that a judgement of how much your time is worth? Is your hourly work simply your annual wage divided by the number of hours in the year?

I get paid much much less than that. But its what my employer charges clients for the hourly work I do. Basically they mark up what they actually pay me and charge it to the client.

cavedave

Well the problem with wage/time is that surely you have to sleep. Should the 6 hours you need to sleep be included or is that just written off as time you could not use anyway. But if someone stops me sleeping then I will have to catch up on sleep and sleep later so it kind of does count.

As economics studies the correct use of resources i presume there is a well accepted measurement for how much money a humans time is worth. But i cannot seem to find it (other than in that article and that reference leads nowhere).

People value their time differently, not everyone is the same.

This is part of the analytical framework they use in the UK: http://www.dft.gov.uk/webtag/documents/expert/unit3.5.6.php

noodler

€30 for tutoring

Much less for my full-time job I am afraid.