The deadweight loss of Christmas
Waldfogel, American Economic Review 83(5), 1993, 1328-1336. Surveys of undergraduates at a US university: recipients stated what they would pay for gifts received and what cash they would accept instead. Estimated that gifts lose between a tenth and a third of their value. Gifts from friends and romantic partners were most efficient; noncash gifts from extended family lost about a third and those relatives were most likely to give cash. Holiday gift spending estimated by comparing December retail sales with adjacent months, in the tens of billions of dollars. The author noted the respondents may not represent the wider population.
Waldfogel, American Economic Review 83(5), 1993, 1328-1336. Surveys of undergraduates at a US university: recipients stated what they would pay for gifts received and what cash they would accept instead. Estimated that gifts lose between a tenth and a third of their value. Gifts from friends and romantic partners were most efficient; noncash gifts from extended family lost about a third and those relatives were most likely to give cash. Holiday gift spending estimated by comparing December retail sales with adjacent months, in the tens of billions of dollars. The author noted the respondents may not represent the wider population.
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