the whole world burns

Archive for category 'gifts'

Freakonomics: The Gift-Card Economy


The article covers much the same ground as the James Surowiecki piece in the New Yorker a couple of weeks ago, but they get mad props for uploading copies of the original papers.

the deadweight loss of Christmas


Waldfogel's main finding is that, in general, people spend a lot more on presents than they're worth to those who receive them, a phenomenon that he calls "the deadweight loss of Christmas." A deadweight loss is created when you spend eighty dollars to give me a sweater that I would spend only sixty-five dollars to buy myself. Waldfogel estimates that somewhere between ten and eighteen per cent of seasonal spending becomes deadweight loss...

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