Columbia sportswear has "sort of" already done this and markets it as OMNI-HEAT (TM) REFLECTIVE. Their apparel does not have bubble wrap and is a "little" bit more sophisticated and a LOT more expensive. But if you purchased a coat a size or two large for yourself (at the thrift shop) and taped some Reflectix inside in a vest like confirmation, I'm fairly sure it would be functional for hanging around camp. Hiking burns calories so not necessary then. I'll give it a try next winter.
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