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Bargain hunters will camp out for days to be first in line for Best Buy's Black Friday deals.

(MLive Media Group)

GRAND RAPIDS, MI — 'Tis the season of bargain hunting.

And for the hardcore, that often means waiting in line for hours, and in some cases, days.

That leads to the question: Is the investment of time worth the savings to get a deep discount on a flat screen TV, laptop or cell phone?

We asked Grand Valley State University economist Paul Isley to use his expertise to come up with a formula to evaluate this question.

GVSU Professor Paul Isley

Here is the formula: S - (T x V) + E = C

• S is for savings on the purchase.

• T is for the time spent in line.

• V is for the value of your time, which may be easiest to quantify as your hourly wage.

• E is the enjoyment factor. Is standing in line comparable to watching a movie which might cost $10. Or is the adrenaline you get from hunting down a sale the same thrill as going to an amusement park that might set you back $50 or more.

• C is true cost.

If C is positive, it's worth waiting in line. If the number is a negative, then you should probably skip the line.

Isley's streamlined formula doesn't calculate risk factor. There's the risk that even though you stand in line, the item you want will be sold out. Or waiting outside might put you at risk for cold, which could result in missing work or having to go to the doctor's which might ping your bank account.

Based on the formula, you won't find Isley standing in line.

"My E would be negative," said the GVSU professor. "I hate spending the time to get the deal."

Although he says he might be tempted for something really big — like a car. Maybe.

Shandra Martinez covers business for MLive/The Grand Rapids Press. Email her or follow her on Twitter @shandramartinez.