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Grad-div stabilization has been proved to be a very useful tool in discretizations
of incompressible flow problems. Standard error analysis for inf-sup stable conforming pairs of
finite element spaces predicts that the stabilization parameter should be optimally chosen
to be $\mathcal O(1)$. This paper revisits this choice for the Stokes equations on the basis
of minimizing the $H^1(\Omega)$ error of the velocity and the $L^2(\Omega)$ error of the pressure.
It turns out, by applying a refined error analysis, that the optimal parameter choice is more subtle
than known so far in the literature. It depends on the used norm,
the solution, the family of finite
element spaces, and the type of mesh. Depending on the situation, the
optimal
stabilization parameter might range from being very small to very large.
The analytic results
are supported by numerical examples.