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71 sats \ 7 replies \ @Undisciplined 8h \ on: MONEY CLASS OF THE DAY: Christmas Gifts Are Inefficient econ
Like any economist, as you note, I've considered writing a post along these lines. Yours is better than mine would have been, though. Very lively.
There's a great cycle problem that illustrates irrational preferences (or it really doesn't for reasons you hint at):
- Gifts > no gifts
- Gift cards > gifts
- Cash > Gift cards
- Digital money > Cash
- No gifts > digital money (why pay a bunch of transaction fees just swapping ledger entries with each other?)
Blank out,
Perhaps the inequality Digital money > Cash is perceived by the nocoiner as not true.
The way they might see it is Digital money = Cash or even Cash > Digital money. The subjective view of the recipient would be the ruling view of the value of the gift.
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"Digital money" doesn't have to mean bitcoin or crypto. I was mostly thinking of something like Venmo or Paypal accounts.
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Haha this is lovely! Poor rational beings get stuck in infinite loop
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Not if you can break out of it through subjective valuations!!
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There needs to be a term for this type of thing: overwhelmingly logical refutations of the value of things people clearly like.
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How would unreality work?
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I give cash to family
Gift cards for secret Santa
Wine is relatively cheap and easy
I received Scotch whiskey 🥃 yesterday from a close friend. Oban
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