Comment by jltsiren
2 days ago
You can get a much lower value for time by measuring how much extra time people are willing to spend to save some money on groceries and other purchases.
But this is not a new problem. There are established models for the value of time in most countries, and they are used extensively when planning traffic and infrastructure. Typically the value of working time is based on the cost to the employer, while free time is valued between 1/3 and 1/2 of the nominal wage. As most trips (including commute) are done in free time, the average value of time is ~1/2 of the wage.
I don't value my commute time as free time.
Makes sense since it is part of your employment commitment.
How do you value your Saturday grocery run? The multiple hours spent at kids sports practices? Time spent doing home improvements? Those are the hours that are more difficult to accurately model.
the home improvement ones the value goes up increasingly as i get frustrated ;)