The time it takes from my room to my class by foot is 30 minutes, and 10 minutes byy a cycle.
Say, a cycle is not available, nor a bus.
If you were to use a rickshaw, you would reach the class in 20 minutes after paying ₹40. That means you pay the rickshaw-driver ₹2 for their each minute. A private cab would take ₹100 and would help you reach the destination in 5 minutes. So, you’re paying them ₹20 a minute.
This raises the question, is it possible to put a price on your time?
If you opt to use a rickshaw, it means your 1 minute at that instance, costs ₹2 a minute, and a cab would imply ₹20 a minute. The price of your time is a function with various parameters:
- The money you’ve got - Can you afford a cab at the current moment? This could also involve past expenses.
- The amount of free time you have - It is possible to fabricate a scenario, where even though options are available you decide the best option would be to walk your way, but would cost you a lot of time.
- The urgency of the class - Could be a matter of attendance, tests, etc.
- Your expertise - See below.
A family friend was going through a divorce, so he consulted a lawyer to resolve some property disputes. The lawyer did not fight the case, or represent him in the court; but only offered legal advice and charged a bill of ₹40,000 for 2 hours of consultation. This would mean because the person is an expert in their domain, or simply because they have so many cases to work with, even a minute of their time costs ₹333 ?
Given all that has been discussed above, is it possible to derive a perfect formula for computing the value of your time at that instance given their situation?
Only time will tell.Some rights reserved.