
Simon Says: Economic value of your holiday gifts
“Father Christmas, give us the money Don’t mess around with those silly toys” The Kinks, Father Christmas At this time of gift giving, it is worth considering whether the exchange of presents is efficient. Well at least to an economist it is! Famously, if only in economic circles, Joel Waldfogel in 1993 suggested gift giving was inefficient because it destroyed about 10 percent to a third of the value of the gift. Think of the aunt or uncle that gave you that wonderful (read terrible) sweater last year. They bought


