Legal Question in Business Law in Nevada
How do you put value on " time, energy, and effort?
1 Answer from Attorneys
You have not stated enough facts that would allow anyone to give you a specific response. Notwithstanding, there are many ways that you can place a value on time, energy and effort; however, depending on the situation, you may not be able to recoup damages related to wasted time, energy and effort. One way to place a value on time is to hire an economist as an expert witness, but this is done only when the perspective damages are relatively great. Another way to measure value in this respect is to measure it by way of opportunity costs; in other words, what amount of pay did you have to give up (i.e., did you have to take off work?) in order to put your time, energy and effort into another endeavor. You can also value time in terms of what it would have cost to hire someone else to do whatever it is that you did that you should be compensated for.
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