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The DOT actually has estimates of the value of time lost by passengers, used for economic analyses of delays. See this PDF, page 19: http://www.dot.gov/sites/d
by capnrefsmmat 11y ago
The DOT actually has estimates of the value of time lost by passengers, used for economic analyses of delays. See this PDF, page 19:
http://www.dot.gov/sites/dot.dev/files/docs/vot_guidance_092811c.pdf http://www.dot.gov/sites/dot.dev/files/docs/vot_guidance_092...
Your time is worth $45-57 an hour, depending on if your travel is personal or business-related.
- notahacker 11y agoSeems a tad generous considering a back-of-the-envelope calculation puts the average amount contributed to GDP per US citizen per hour at around $6. From an airline point of view, if their schedule is sufficiently flexible to accommodate the delays without flight cancellations and the delays are insufficiently long to require passengers to be compensated, the biggest costs will be additional fuel if the delays involve the aircraft being put in a holding pattern at the other end and additional time or penalty charges levied by the airports. Staffing isn't that big a deal even if they're on overtime.
- jackweirdy 11y agoThough if you’re travelling for business - you’re probably not doing "normal" work. Travelling to sign big deals, and so on. Even a few large deals would skew that number upwards.
- capnrefsmmat 11y agoThe DOT numbers are based on median hourly income of airline travelers, rather than their contribution to the economy. You can read the report I linked for their detailed methods.