Seidman Alumni Breakfast Series
The Seidman Alumni Association extends complimentary invitations to Seidman Alumni, the University community, and the West Michigan business community to attend breakfast meetings featuring speakers on a variety of business-related topics. Anywhere between 150 and 250 individuals attend each breakfast.
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Are Black Friday lines worth the deals?
Date: November 25, 2013
Are Black Friday lines worth the deals? GVSU economist's formula answers question
on November 24, 2013 at 8:26 AM, updated November 24, 2013 at 6:07 PM
GRAND RAPIDS, MI — 'Tis the season of bargain hunting.
And for the hardcore, that often means waiting in line for hours, and in some cases, days.
That leads to the question: Is the investment of time worth the savings to get a deep discount on a flat screen TV, laptop or cell phone?
We asked Grand Valley State University economist Paul Isley to use his expertise to come up with a formula to evaluate this question.
Here is the formula: S - (T x V) + E = C
• S is for savings on the purchase.
• T is for the time spent in line.
• V is for the value of your time, which may be easiest to quantify as your hourly wage.
• E is the enjoyment factor. Is standing in line comparable to watching a movie which might cost $10. Or is the adrenaline you get from hunting down a sale the same thrill as going to an amusement park that might set you back $50 or more.
• C is true cost.