MKE-MR is correct. There are two groups of people... One is for those that have few enough miles that they need to place a value on what they have in order to evaluate a decision of whether to pay for a trip they intend to make with miles or $$. Those people should probably evaluate using the "what they would have otherwise paid" rule, which I believe is somewhere around 1.25 cents for breakeven. The other group is for those who accumulate so many miles so fast that they can spend them all on whatever they please. For those people, there is no point in attributing a value because they should go wherever they want and always fly first class. Those folks have earned that situation by spending the time on the aircraft to earn those volumes of points, so it becomes more of a scenario of being a truly elite customer instead of obtaining a currency to be evaluated.