White Elephant Gifts

[jteezie]

I was very surprised by an incident at work where we exchanged white elephant gifts. For those who don't know the game, you can find the rules here:
White elephant gift exchange - Wikipedia, the free encyclopedia

Two gifts came up which I found interesting. Firstly, the gifts were limited to roughly $15. Gift one was 10 x $1 lottery tickets + $5 bag of M&M candy. Gift 2 was a $20 gift card to Bath and Body Works.

If you could choose one, which would you choose and why?

[pdweaver]

I would pick the lottery tickets. Those are pretty good white elephant gifts. I am use to crummy gifts that no one wants. The tickets give you a chance to make a little bit more. My manager gave us scratch off tickets for christmas. I generally don't win but won $45 this year. Not bad for 10 $1 tickets.

[disneysteve]

I'd take the gift card for sure. I have a couple of patients who give me lottery tickets each year and although I totally appreciate the thought, it is such a waste of money. I'd much rather give someone a gift I know they'll use and get value from. Ten worthless lottery tickets isn't much of a gift. Ok, this year I won $2 on one of them. I still haven't redeemed the $2 I won last year. So if I could have picked a $10 gift card or a $2 winning lottery ticket, that's a no brainer.

[cypher1]

While I don't shop at Bath and Body Works, I'd probably just re-gift it to one of my sisters (since I know they shop there). I see it as at least someone I know would get some use out of the gift.

[fe2o3ez]

It all depends on the recipient. Some people love the anticipation and game of the tickets. Others would like the opportunity to buy something for themself or re-gift the card. Frankly, since the traditional white elephant exchange is built around gifts that are usually useless anyhow, I would go with the lottery tickets. Temporary fun, and a great story, should you happen to hit it big (meaning anything above maybe $50).

[disneysteve]

I'm sorry. I missed that the gift card was to Bath and Body Works. That makes it a harder choice as the card would be worthless to us. I'd probably still take the card and either regift it or sell it on ebay.

[bjl584]

Originally Posted by disneysteve

I still haven't redeemed the $2 I won last year.

Your lottery ticket from last year has probably expired.

[disneysteve]

Originally Posted by bjl584

Your lottery ticket from last year has probably expired.

Yes, I knew that. They aren't dated but I thought they were only good for a year. Though for scratch offs, I think it's a year from when they stop selling that series so I may still have time.

[jteezie]

Hmm. I was hoping more people would vote. So far, the results are different than I expected. I wonder if its because the question is asked out of context with the live situation.

[mrpaseo]

Though my DW chose the lotto, I chose the $20 card. The way I see it, the card is a guarantee return (The $20 bucks) where as the lotto is most likely worthless.

Ray

[disneysteve]

Originally Posted by jteezie

Hmm. I was hoping more people would vote. So far, the results are different than I expected. I wonder if its because the question is asked out of context with the live situation.

What about the live situation would make us choose differently?

[creditcardfree]

I would definitely chose the gift card since I often give gifts from that store. Even if it was a store I didn't frequent, I would still take it to sell on ebay or give to someone who might. I like the guarantee of the dollar value than the lottery tickets.

[jteezie]

disneysteve. By "live" I meant that in the heat of the excitement when the lottery tickets show up as a potential free (white elephant) gift, I think people become overly enthusiastic and positive about the expected return on the tickets. It's like many people are hard wired to seek that gamble and risk.

On the other hand I see the expected value of the tickets = 0, whereas the $20 gift card is guaranteed and is even worth more than the recommended $15 gift value. To me, it was shocking seeing the excitement around the tickets.

[disneysteve]

Originally Posted by jteezie

disneysteve. By "live" I meant that in the heat of the excitement when the lottery tickets show up as a potential free (white elephant) gift, I think people become overly enthusiastic and positive about the expected return on the tickets. It's like many people are hard wired to seek that gamble and risk.

On the other hand I see the expected value of the tickets = 0, whereas the $20 gift card is guaranteed and is even worth more than the recommended $15 gift value. To me, it was shocking seeing the excitement around the tickets.

That doesn't surprise me at all. If you asked me to vote on what most people would pick, I'd pick the lottery tickets. You asked me to vote on what I would pick. The simple fact is that the vast majority of people are clueless about money. The whole reason that state lotteries continue to prosper and thrive is for just that reason. If people were thoughtful and educated and logical about their money, the lottery would go out of business.

Like you, I see the lottery tickets as having a value of $0. Personally, the gift card would also have zero basic value to me since we don't shop there but at least I know I could convert it to some lesser amount of money by selling it.

[bjl584]

By the way, I'd take the gift card. Then sell it on Ebay for $15 and buy lottery tickets with the proceeds.

All kidding aside, both gifts are worthless to me. I don't shop at Bath and Body works. My only option would be to sell it and take the money or re-gift it to someone else.

[Joan.of.the.Arch]

I'd prefer the Bath & Body Works card. I've never bought anything there, but my friend loves their glycerin soap. She'd get much more enjoyment of the gift card purchases than I would, so I'd pass it on to her. The lottery tickets would have close to zero value to me.