The other aspect is that the milevalue tote board is really a long-term approximation of value, to be used in making accumulation decisions.

If I know that, on average, I can use a particular point for 1 cent of value, I can make the decision to not spend 1.1 cents for it.

What I ultimately end up getting at redemption time is another matter. I should really be computing that based on the lowest of: the best alternative cash offer available to me from among all acceptable purchase methods (retail, priceline, similar item, etc.) OR the most I would have spent if I could have chosen the price.

Hopefully, over a reasonable time frame, the long-term valuation and the actual redemption value are the same. Otherwise I estimated poorly.

(I also want to consider cost - what did it cost me, in lost cashback, extra purchases, etc., to earn the miles? Need to keep the cost below the value at all times.)