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Tuesday, July 13, 2004

For all that it's worth
Yesterday I mentioned the efforts of some economists at quantifying certain intangible events. On a similar note, there has been some research at trying to put a price on the time we spend. The following article discusses the issue in detail but the bottomline is that you can find an approximate worth of your time (according to this theory) by the formula

The value of your time = [Wage(100-Tax rate)]/Cost of living which for most of us would translate to [(Annual Salary)/(52*40*Cost of living)*(100-Tax rate)]

A list of Cost of living in different places can be found at the above link as well. I did a rough estimate and figured out that the value comes to a meager $6/hr for me :( This means that if anyone offers me a movie and a packet of popcorn, I am better off accepting the offer than sitting at home and working at that time. Hmmm! The life of a grad student :))

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