What is a person's day worth? Part 2

From Dollar Value of Day website

>>>In this report, we calculate a replacement cost estimate of the economic dollar values attained with the usage of every minute in one day. Relying on time-diary data provided by the U.S. Environmental Protection Agency (EPA) as a part of their National Human Activity Pattern Survey (NHAPS), we calculate the value created in a day as measured by the market price of hiring persons whose work relates to that produced or spent by one person.

Time-diary surveys record activities by time. Depending upon the day, persons might be working 8 hours outside the home at a job and also working 4 hours at home doing cooking, cleaning, or other household chores for the benefit of themselves and family members. It makes good sense that all the hours of work in the day have an economic dollar value. Taking the hourly wage in employment times 8 hours and the hourly wage of perhaps a maid times 4 hours, we can arrive at the dollar value of the 12 hours of work performed by the person in that day. For the remaining 12 hours in the day, dollars may or might not be relevant to an individual's decisions regarding time allocation or time usage; if dollars are relevant, they might not ever require valuation, replacement, or supplementation.>>>>>>>>