Thinking some more about, it would also make sense to look at some isotonic function of disposable income and disposable hours left (after work, commute, etc).
This is to capture that increasing working hours from 8h to 24h a day even when pay would be more than tripled, would leave you with a very sad life.
(Shadow) price of time would be a good one, too? (https://en.wikipedia.org/wiki/Shadow_price) In some sense, that's the same as marginal cost of your time, expressed in dollars or some `utils' or `hedons'.
Then you can say, eg taking a longer commute for a cheaper house would value my time at 30 hedons per hour---but spending time with my daughter is worth at least 50 hedons per hour. So it would be bad trade-off.
This is to capture that increasing working hours from 8h to 24h a day even when pay would be more than tripled, would leave you with a very sad life.
(Shadow) price of time would be a good one, too? (https://en.wikipedia.org/wiki/Shadow_price) In some sense, that's the same as marginal cost of your time, expressed in dollars or some `utils' or `hedons'.
Then you can say, eg taking a longer commute for a cheaper house would value my time at 30 hedons per hour---but spending time with my daughter is worth at least 50 hedons per hour. So it would be bad trade-off.