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Looking for the perfect gift? Social science can help

One economist writing in the prestigious American Economic Review estimated this loss at 10-33 per cent - meaning that gifts we buy others are worth up to a third less to them than what they would buy for themselves if we just gave them the money instead.

ARE you in a panic, not sure what to get that special someone this year? Fear not, because my fellow social scientists have the answer for you. For economists, the perfect gift is simple: cash. Indeed, they often express surprise that anyone would give anything else. There is even lively...

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