The Real Lump of Coal in Christmas.
What is the lump you ask? Deadweight loss. The article “Is Santa a deadweight loss?” states on average, a gift valued by the recipient well below the price paid by the giver. The most conservative estimate put the average receiver's valuation at 90% of the buying price. Where givers spend $40 billion on Christmas gifts, at least $4 billion is being lost annually. What to do? The best present is cash it is the most flexible. Next Christmas, ask for and give cash.
Posted by Ralph at 4/14/2005 10:08:00 PM