Mr. Whit's End has done an elaborate editorial on Odyssey Time on his site, The Cryin' Brian Dern Blog. Check it out on his blog here, or read it on the AIOFansite below:
Odyssey Time
It's the age old question: Odyssey Time. AIO has never given an answer on it, but gauging from several references in the show, we may make several reasonable guesses at the rate time passes in Odyssey.
Before we start, some background information:
The year in album 1 will always be assumed to be 1987.
The formula for time passage per album is: number of albums passed / number of years passed