Seasonal advice from the dismal science

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From Marginal Revolution: “Do not buy gifts for nieces, nephews or grandchildren. Send money if you must, but other gifts will be spectacularly incompetent. Using questionnaires, Joel Waldfogel famously revealed (in an article entitled ‘The Deadweight Loss of Christmas’) that the typical $50 gift is valued at between $35 and $43 by the ungrateful recipient, but that gifts from grandparents, aunts and uncles were even less welcome.”

Dec 21, 2005 | Comments

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