I disagree. Always go with the market value (market being YOU in this case, since AE miles are not liquid). Inflating the value of points to 4-6c can make you feel warm and fuzzy with every redemption, but I doubt you use that figure for everyday flying decisions (T or T+, cash or miles, AC or Aerosvit, etc). I'd say accurate figure is 1.5-2c per mile, depending on how often you pay for J or do short notice trips.