Gift
A gift or a present is an item given to someone without the expectation of payment or anything in return. An item is not a gift if that item is already owned by the one to whom it is given. Although gift-giving might involve an expectation of reciprocity, a gift is meant to be free. In many countries, the act of mutually exchanging money, goods, etc. may sustain social relations and contribute to social cohesion. Economists have elaborated the economics of gift-giving into the notion of a gift economy. By extension the term gift can refer to any item or act of service that makes the other happier or less sad, especially as a favor, including forgiveness and kindness. Gifts are also first and foremost presented on occasions such as birthdays and holidays.
In many cultures gifts are traditionally packaged in some way. For example, in Western cultures, gifts are often wrapped in wrapping paper and accompanied by a gift note which may note the occasion, the recipient's name and the giver's name. In Chinese culture, red wrapping connotes luck. Although inexpensive gifts are common among colleagues, associates and acquaintances, expensive or amorous gifts are considered more appropriate among close friends, romantic interests or relatives.[1]
Promotional gifts vary from the normal gifts. The recipients of the gifts may be either employee of a company or the clients. Promotional gifts are mainly used for advertising purposes. They are used to promote the brand name and increase its awareness among the people. In promotional gifting procedures, the quality and presentation of the gifts hold more value than the gifts itself since it will act as a gateway to acquire new clients or associates.
Giving a gift to someone is not necessarily just an altruistic act. It may be given in the hope that the receiver reciprocates in a particular way. It may take the form of positive reinforcement as a reward for compliance, possibly for an underhand manipulative and abusive purpose.[2]
A significant fraction of gifts are unwanted, or the giver pays more for the item than the recipient values it, resulting in a misallocation of economic resources known as a deadweight loss. Unwanted gifts are often "regifted", donated to charity, or thrown away.[3] A gift that actually imposes a burden on the recipient, either due to maintenance or storage or disposal costs, is known as a white elephant.
One cause of the mismatch between the giver's and receiver's view is that the giver is focused on the act of giving the gift, while the receiver is more interested in the long-term utilitarian value of the gift.[4] For example, many receivers prefer a future experience instead of an object, or a practical gift that they have requested over a more expensive, showier gift chosen by the giver.[4]
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