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Are Christmas Presents A Waste of Money?

Diego Zuluaga, Institute of Economic Affairs

22-Dec-17 19:00

Are Christmas Presents A Waste of Money?

As we near Christmas day, we're bound to receive bad gifts. When this happens, we value the gift less than it's actually worth. For example, that T-shirt (that you're never going to wear) may cost RM50 but you think it's only worth RM20. An economist named Joel Waldfogel calls this the "deadweight loss of Christmas". To counter this inefficiency, he thinks we should start giving cash as presents. We speak to economist Diego Zuluaga to get his take on whether giving cash is a good idea. He also gives us some tips on how we can be better at buying gifts.

Produced by: Kelvin Yee

Presented by: Kelvin Yee

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Tags:  Evening EditionChristmasGiftsPresents

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