At Christmas and birthdays, aunts, uncles, grandparents, and parents give gifts to their college-aged loved ones. In 1993 Joel Waldfogel, an economist at Yale University, surveyed several thousand college students after Christmas to find out the value of holiday gifts as perceived by the students. He found that CDs and outerwear (coats and jackets) had a perceived value about equal to their actual cash value. By the time he got down to socks, underwear, and cosmetics, the students’ evaluation was only about 85 percent of the cash value of the gift. Based on these results, it seems logical to give cash or gift certificates instead. What argument can be made against the idea of substituting cash or gift certificates for physical gifts?