Consider the papers by Waldfogel (1993), Solnick and Hemenway (1996) and List and Sogren (1998) that studied the welfare loss of Christmas gift-giving.

a) What are the major findings of these three papers? (7 marks)

b) What could possibly explain the differences in their findings? (7 marks)

c) Based on these findings, how would you comment on government's in-kind transfer programs such as food stamp, childcare subsidy etc.? (7 marks)