Originally Posted by curious_miles

If someone says,

"I value a mile at X cpm, because I used Y miles for a ticket which was priced at Z."

This is one way to value, but only an indirect way to value. Right now, one can buy the best breed of miles directly from US airways at 1.4 cpm. If someone argues he values miles at 1.5 cpm, but didn't spend money on directly purchasing US miles, he is inconsistent, if not deceiving himself.

As op suggested, I find my valuation is correctly around 1.2 cpm as well (but only for AA and US, AC, but way less than 1 cpm for delta), not because I redeemed miles for such and such tickets, but because I purchased US miles directly at full capacity when they were sold at 1.1 cpm, but only some at 1.3 cpm, and not at all interested at 1.4 cpm. If I don't open my wallet at 1.4 cpm at all, how I could value miles at higher than 1.4 cpm? Willingness to pay for miles out of pocket is the right and relevant measure of the value, not such and such ticket at XXX miles at YYY retail price.