Christmas Economics

Publicado el 25/12/2006

Este es mi regalo de Navidad para mis socios y amigos de Las Indias. Justamente una reflexión sobre el regalo que no la hago yo;sino Greg Mankiw y que espero que guste a estos jóvenes colegas que hacen propaganda de la lógica de la bundancia y de la manera de ser del mumi, esta vez desde el hemisferio sur, y que hacen la única editorial anual regocijándose una vez más en el regalo gratuito. Como dice Bernardo Atxaga nada hay más necesario que lo caprichoso.

The Economics of Gifts

Case Study Gifts as Signals

A man is debating what to give his girlfriend for her birthday. "I know," he says to himself, "I'll give her cash. After all, I don't know her tastes as well as she does, and with cash, she can buy anything she wants." But when he hands her the money, she is offended. Convinced he doesn't really love her, she breaks off the relationship.

What's the economics behind this story?

In some ways, gift giving is a strange custom. As the man in our story suggests, people typically know their own preferences better than others do, so we might expect everyone to prefer cash to in-kind transfers. If your employer substituted merchandise of his choosing for your paycheck, you would likely object to the means of payment. But your reaction is very different when someone who (you hope) loves you does the same thing.

One interpretation of gift giving is that it reflects asymmetric information and signaling. The man in our story has private information that the girlfriend would like to know: Does he really love her? Choosing a good gift for her is a signal of his love. Certainly, the act of picking out a gift, rather than giving cash, has the right characteristics to be a signal. It is costly (it takes time), and its cost depends on private information (how much he loves her). If he really loves her, choosing a good gift is easy because he is thinking about her all the time. If he doesn't love her, finding the right gift is more difficult. Thus, giving a gift that suits the girlfriend is one way for him to convey the private information of his love for her. Giving cash shows that he isn't even bothering to try.

The signaling theory of gift giving is consistent with another observation: People care most about the custom when the strength of affection is most in question. Thus, giving cash to a girlfriend or boyfriend is usually a bad move. But when college students receive a check from their parents, they are less often offended. The parents' love is less likely to be in doubt, so the recipient probably won't interpret the cash gift as a signal of lack of affection.

No hay gran cosa que añadir. ¡Feliz Navidad!