Behavioural Finance 

When hirelings fail

Chris Dillow

Chris Dillow
When hirelings fail

Tis the season to waste money. Joel Waldfogel at Yale University has notoriously estimated that people value the gifts they get at between 10 and 33 per cent less then they cost the giver. This suggests in the UK alone we will waste around £1bn this festive season. As Milton Friedman said: “You don’t pay anything like as much attention to the gifts you buy for other people as to the things you buy for yourself.”

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