Say you have 99,000 points/miles in a program and you want to redeem an award that would otherwise cost you $2,000 cash for 100,000 points/miles. Are the last 1,000 points/miles you need for that award worth just $.02 cpp ($2,000 divided by 100,000 points/miles, the average value of all the points)? I wouldn't say they're worth $2 per point/mile ($2,000 divided by that last 1,000 points only), but I think a reasonable argument can be made they have a significantly higher value than the average of all 100,000 points/miles for that given award.