Every person has an implicit hourly rate of value they create, in business and beyond. Determining that number is tough, but if you don't have an estimate—you don't have a framework within which to make decisions. SeatGeek founder Jack Groetzinger explains.
Much of the article assumes that you know how to discount the future value of a dollar. Lately, I've been wondering why people don't change their behavior to take into account this discount. For example, there's a place where employees go out for lunch everyday. Lunch is very expensive. This employees could save a lot of time and energy by bringing a lunch. Yet, every morning they value their time now when the costs come later. Some will pay as much as $10 for a lunch every day rather than make their lunch in the morning. The point is, they don't change their behavior. Economics assumes that rational people will weight the costs and benefits and make the choice that minimizes cost. My experience implies otherwise.