Post by Don on Dec 15, 2016 13:07:46 GMT -5
This one's kinda fun, but at the same time offers a perspective on the economic concept of subjective value that I hadn't noticed before.
And may I add also that the real gift includes tolerance; I select my presents based on the recipient's values, even if they are not my own. My conservative brother has gotten presents from me I'd never display in my own home, for example.
What about you? Had you ever linked the economic topic of subjective value and christmas shopping concretely in your mind? What about tolerance?
robeiae, I'll be sure to pass this thread along to the author of the article in the event she cares to stop by and comment.
We do a lot of joking, this time of year, about economists and gift-giving.
...
But the truth is that economists understand the single most important thing about gift-giving better than anyone else does. They understand subjective value.
Subjective value tells us that each of us is unique, and because of that, each of us likes and dislikes different things for reasons that make sense to us but may not make sense to anyone else.
...
In order to give a good gift you have to understand, as economists do, that value is subjective.
Then you have to think about what the gift’s recipient values and provide that.
This is why those little online lists and department store displays of “Top Ten Gifts for 2015” so rarely succeed in suggesting things that specific people on your gift-list actually want.
...
Finding the right gift for the right person demonstrates that you have learned to understand the other person's subjective valuations. The material gift you give is the just physical manifestation of the fact that you understand the other person and care enough to show it.
The real gift is the understanding.
...
But the truth is that economists understand the single most important thing about gift-giving better than anyone else does. They understand subjective value.
Subjective value tells us that each of us is unique, and because of that, each of us likes and dislikes different things for reasons that make sense to us but may not make sense to anyone else.
...
In order to give a good gift you have to understand, as economists do, that value is subjective.
Then you have to think about what the gift’s recipient values and provide that.
This is why those little online lists and department store displays of “Top Ten Gifts for 2015” so rarely succeed in suggesting things that specific people on your gift-list actually want.
...
Finding the right gift for the right person demonstrates that you have learned to understand the other person's subjective valuations. The material gift you give is the just physical manifestation of the fact that you understand the other person and care enough to show it.
The real gift is the understanding.
What about you? Had you ever linked the economic topic of subjective value and christmas shopping concretely in your mind? What about tolerance?
robeiae, I'll be sure to pass this thread along to the author of the article in the event she cares to stop by and comment.