“The real cost of consuming a movie is the two hours of undivided attention you spend,” Mr. Waldfogel said.

消费电影的真正成本是专心致志的那两小时，如果人们盗版的多，他们的购买就会减少，因为不可能有时间看完。

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Waldfogel added that part-time work, up to 30 hours a week, provides more desirable outcomes than full-time employment.

沃德·福格补充道，相对于全职工作来说，兼职工作的报酬更为理想，但每周工作不应超过30小时。

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For people whose preferences we don't really know but for whom we still feel compelled to buy gifts, Mr. Waldfogel recommends giving cash or gift cards.

WSJ: How Did Santa Treat You This Morning?

True, some 10% of gift-card balances never get redeemed (Mr. Waldfogel is on the board of a company that lets you direct this unused portion to charity), but gift cards are still an efficient way to give, he argues.

WSJ: How Did Santa Treat You This Morning?

Indeed, we do a pretty good job of selecting gifts for close friends and significant others people we are more likely to "get" and have some good reason for choosing the items we buy, notes Joel Waldfogel, an economist at the University of Minnesota.

WSJ: How Did Santa Treat You This Morning?