This sounds interesting for cases where both parties are economically secure.

However I can't see it working in my case since my housemates each earn somewhere around ten times what I do. Under this system, my bids would always be lowest and I would do all the chores without exception. While I would feel unable to turn down this chance to earn money, my status would drop from that of an equal to that of a servant. I would find this unacceptable.