I've noticed a lot of talk the last page or two about cpm and valuing an award. My blog has a calculator to calculate cpm on an award.

The very first entry into the calculator is the lesser of the cash price and your subjective value of an award. In all cases of international premium travel, my subjective valuation of the award is way below its cash price.

I think the only intellectually honest way to value awards is by using the lesser of the cash price and your subjective valuation. I do it in all my posts.

Also any valuation should explicitly account for the fact that using an award forgoes miles you would have earned on a paid ticket.

I give this information to try to help the confusion in this thread over cpm, but also because this is an area where a blog can help flyertalk, not ruin it.

There's no way to post the calculator on flyertalk or have it always be at the top of the page, like it is on my blog.

Blogs and flyertalk are substitutes in some sense, but complements in others. They both have their uses.