I bought a plane ticket yesterday for a trip to Dallas. When I was traveling in college, I was short on money but had vast amounts of time. It seemed like no trip was complete without a layover in Atlanta or Chicago or Saint Louis.
For the last couple years when I've had a salary, however, I've noted that my subconcious mind has started to assign value to my time. Who wouldn't pay $10 more for a direct flight rather than sitting in a dull midwestern airport for a couple hours on a layover? But exactly how much is my time worth? How much more would I pay for a direct flight than a trip with a layover?
Various factors I might consider:
- $ = The difference in price between the direct and indirect flights (of course)
- L = Length of the layover (A forty-five minute layover is more tolerable than a 3 hour one.)
- t = Overall length of the trip in hours (The difference between a 10 and a 14 hour trip is not as great as the difference between a 2 and a 6 hour one.)
- c = Convenience of departing and arriving times (It's not fun to arrive at JFK at 10:00 PM the night before I have to work.)
- V = Length of the vacation or time off
- S = my salary in approximate dollars per hour
I spent a little time trying to devise a general formula, but it got tedious. All told, I was on the verge of paying $60 extra for a direct 3 1/2 hour flight rather than buy the $230 flight that took 7 hours. A little nudge from a fellow resident who only flies direct if she can help it was all it took.