The Economics of Love and Dating

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The Economics of Love and Dating

By:

Institute for Humane Studies

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The Economics of Love and Dating

By:

Institute for Humane Studies

Online:

< http://cnx.org/content/col24329/1.1/ >

OpenStax-CNX

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This selection and arrangement of content as a collection is copyrighted by Institute for Humane Studies. It is licensed under the Creative Commons Attribution License 4.0 (http://creativecommons.org/licenses/by/4.0/).

Collection structure revised: February 27, 2018 PDF generated: February 27, 2018

For copyright and attribution information for the modules contained in this collection, see p. 27.

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Chapter 1

Some Economic Denitions

¹

Figure 1.1: "Some Economic Denitions" by the Institute for Humane Studies

Description

According to Professor Ninos Malek, economics is the study of making choices and the fundamental ideas of economics can be applied in lots of dierent areas of life. In this video, he denes some of the important economic concepts that can be applied to the dating world.

Exercise 1.1 (Solution on p. 2.)

What does economics study?

a. Business and money.

b. Prices, prots, and losses.

c. Making choices.

d. The stock market.

1This content is available online at <http://cnx.org/content/m66165/1.1/>.

1

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2 CHAPTER 1. SOME ECONOMIC DEFINITIONS

Solutions to Exercises in Chapter 1

Solution to Exercise 1.1 (p. 1) c. Making choices.

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Chapter 2

Should You Go Out This Friday Night?

¹

Figure 2.1: "Should You Go Out This Friday Night?" by the Institute for Humane Studies

Description

Professor Ninos Malek explains how opportunity cost and short run vs. long run decision making help us decide whether or not to go out on a Friday night.

According to Henry Hazlitt, what should you consider when deciding whether or not to go out?

a. The short term costs.

b. The long term benets.

c. The long term costs and benets.

d. The short and long term costs and benets.

3

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4 CHAPTER 2. SHOULD YOU GO OUT THIS FRIDAY NIGHT?

Solutions to Exercises in Chapter 2

Solution to Exercise 2.1 (p. 3)

d. The short and long term costs and benets.

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Chapter 3

How To Navigate the Dance Floor

¹

Figure 3.1: "How To Navigate the Dance Floor" by the Institute for Humane Studies

Description

Professor Ninos Malek uses the example of a night out at a club to explain how marginal benets and marginal costs can help people make decisions when presented with multiple options.

The best time to choose when presented with multiple options is a. when opportunity costs are equal to marginal costs.

b. when marginal costs equal marginal benets.

c. when marginal costs are less than marginal benets.

d. when your partner appears to be choosing you.

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6 CHAPTER 3. HOW TO NAVIGATE THE DANCE FLOOR

Solutions to Exercises in Chapter 3

b. when marginal costs equal marginal benets.

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Chapter 4

If You're Going to Vegas, Be a Woman

¹

Figure 4.1: "If You're Going to Vegas, Be a Woman" by the Institute for Humane Studies

Description

Why do clubs in Vegas charge men a cover charge, but allow women in for free? Professor Ninos Malek says it's because of elasticity of demand.

At a Vegas nightclub, whose demand is more inelastic?

a. The female club goers b. The male club goers

c. The club owner d. The bouncers

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8 CHAPTER 4. IF YOU'RE GOING TO VEGAS, BE A WOMAN

Solutions to Exercises in Chapter 4

Solution to Exercise 4.1 (p. 7) b. The male club goers

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Chapter 5

Why Do People Date?

¹

Figure 5.1: "Why Do People Date?" by the Institute for Humane Studies

In economic terms, for someone looking to get married dating is a process of a. marginal thinking.

b. creative destruction.

c. nding companionship.

d. information acquisition.

9

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10 CHAPTER 5. WHY DO PEOPLE DATE?

Solutions to Exercises in Chapter 5

Solution to Exercise 5.1 (p. 9) d. information acquisition.

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Chapter 6

Using Marginal Thinking to Make Dating Decisions

¹

Figure 6.1: "Using Marginal Thinking to Make Dating Decisions" by the Institute for Humane

Description

Professor Ninos Malek explains how marginal thinking can help us make important decisions.

According to Professor Malek, when is the right time to decide when to propose?

a. When the marginal benet of getting married is equal to the marginal cost of continuing to date.

b. When the marginal benet of getting married is higher than the marginal cost of continuing to date.

c. When the opportunity cost of dating someone becomes zero.

d. When you nd your soulmate.

11

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12 CHAPTER 6. USING MARGINAL THINKING TO MAKE DATING DECISIONS

Solutions to Exercises in Chapter 6

a. When the marginal benet of getting married is equal to the marginal cost of continuing to date.

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Chapter 7

When to Break Up

¹

Figure 7.1: "When to Break Up" by the Institute for Humane Studies

Description

Professor Ninos Malek explains how to avoid the sunk cost fallacy in the dating world.

When a couple has dated for several years, and they stay together or get engaged in order to not make the last few years a waste they are buying into the

a. conrmation bias fallacy.

b. sunk cost fallacy.

c. base rate fallacy.

d. fallacy of composition.

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14 CHAPTER 7. WHEN TO BREAK UP

Solutions to Exercises in Chapter 7

Solution to Exercise 7.1 (p. 13) b. sunk cost fallacy.

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Chapter 8

When to Ask Someone Out

¹

Figure 8.1: "When to Ask Someone Out" by the Institute for Humane Studies

Description

Professor Ninos Malek explains how opportunity cost can help you understand how interested someone is in dating you.

Why would someone be more willing to go out on a date on a Tuesday night than a Saturday night?

a. The marginal benet of going out on a Saturday is lower.

b. The marginal cost of going out on a Tuesday is higher.

c. The opportunity cost of going out on a Saturday is higher.

d. The opportunity cost of going out on a Saturday is lower.

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16 CHAPTER 8. WHEN TO ASK SOMEONE OUT

Solutions to Exercises in Chapter 8

c. The opportunity cost of going out on a Saturday is higher.

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Chapter 9

When Safe Sex Isn't So Safe

¹

Figure 9.1: "When Safe Sex Isn't So Safe" by the Institute for Humane Studies

Description

Professor Ninos Malek explains how examining opportunity costs and incentives can help us nd better ways to prevent unwanted pregnancies.

What would a good economist warn school administrators to be wary of when deciding on a policy to combat teen pregnancy?

a. The knowledge problem b. Elasticity of demand

c. Unintended consequences d. Opportunity costs

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18 CHAPTER 9. WHEN SAFE SEX ISN'T SO SAFE

Solutions to Exercises in Chapter 9

Solution to Exercise 9.1 (p. 17) c. Unintended consequences

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Chapter 10

Be a Scarce Commodity

¹

Figure 10.1: "Be a Scarce Commodity" by the Institute for Humane Studies

Description

Professor Ninos Malek uses economics to explain why colleges with more women than man have higher rates of hook ups.

At a university with a higher female to male ratio, who has more bargaining power when it comes to dating?

a. Male students b. Female students

c. Trick question! They have equal bargaining power.

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20 CHAPTER 10. BE A SCARCE COMMODITY

Solutions to Exercises in Chapter 10

Solution to Exercise 10.1 (p. 19) a. Male students

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Chapter 11

My Love Does Cost a Thing

¹

Figure 11.1: "My Love Does Cost a Thing" by the Institute for Humane Studies

Description

Professor Ninos Malek explains why everything costs something, even love.

Love does cost a thing, because even when two people love each other, they are spending time that could be used in other ways to see each other. The time given up to spend with the person you love is known as

a. opportunity cost.

b. marginal cost.

c. marginal benet.

d. sunk cost.

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22 CHAPTER 11. MY LOVE DOES COST A THING

Solutions to Exercises in Chapter 11

Solution to Exercise 11.1 (p. 21) a. opportunity cost.

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Chapter 12

Beauty Is in the Eye of the Beholder

¹

Figure 12.1: "Beauty Is in the Eye of the Beholder" by the Institute for Humane Studies

Description

Professor Ninos Malek explains the role subjective value plays in the dating world.

Just as in economics, in love and dating, value is a. marginal.

b. objective.

c. subjective.

d. uctuating.

23

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24 CHAPTER 12. BEAUTY IS IN THE EYE OF THE BEHOLDER

Solutions to Exercises in Chapter 12

Solution to Exercise 12.1 (p. 23) c. subjective.

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Chapter 13

Conclusion

¹

Figure 13.1: "Conclusion" by the Institute for Humane Studies

Description

Professor Ninos Malek wraps up The Economics of Love and Dating with recommended readings.

13.1 Recommended Reading

To learn more about the economics of the dating world, check out these articles and books recommended by Professor Malek:

• Dollars and Sex: How Economics Inuences Sex and Love² by Marina Adshade

• Everything I Ever Needed to Know about Economics I Learned from Online Dating³ by Paul Oyer

• It's Not You, It's the Dishes: How to Minimize Conict and Maximize Happiness in Your Relationship⁴ (originally published as Spousonomics) by Paula Szuchman and Jenny Anderson

• "Why my students dump their boyfriends (and girlfriends): The 3 most eye-opening ideas in economics"⁵by Ninos Malek

• "How people really decide whether to date you: The cost-benet analysis of love"⁶ by Ninos Malek

2https://www.amazon.com/Dollars-Sex-Economics-Inuences-Love/dp/1452109222

3https://www.amazon.com/Everything-Needed-Economics-Learned-Online/dp/1422191656

4https://www.amazon.com/Its-Dishes-originally-published-Spousonomics/dp/0385343957

5http://www.learnliberty.org/blog/why-my-students-dump-their-boyfriends-and-girlfriends-the-3-most-eye-opening-ideas- in-economics/

6http://www.learnliberty.org/blog/the-economics-of-dating-when-is-it-time-to-move-on/

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26 INDEX

Index of Keywords and Terms

Keywords are listed by the section with that keyword (page numbers are in parentheses). Keywords do not necessarily appear in the text of the page. They are merely associated with that section. Ex.

apples, 1.1 (1) Terms are referenced by the page they appear on. Ex. apples, 1

B

bargaining power, 10(19) benet, 5(9)

C

choices, 6(11) cost, 5(9)

E

economics, 1(1), 2(3), 3(5), 4(7), 5(9),

6(11), 7(13), 8(15), 9(17), 10(19),

11(21), 12(23), 13(25) economics in one lesson, 2(3) elasticity of demand, 4(7)

H

henry hazlitt, 2(3)

I

incentives, 9(17)

information gathering, 5(9)

L

lecture, 3(5), 4(7), 8(15), 9(17),

10(19), 12(23) long run, 2(3)

M

marginal benet, 6(11) marginal benets, 3(5) marginal cost, 6(11) marginal costs, 3(5) marginal thinking, 6(11)

O

opportunity cost, 2(3), 8(15) opportunity costs, 9(17)

S

scarcity, 10(19) short run, 2(3)

subjective value, 12(23) sunk costs, 7(13)

U

unintended consequences, 9(17)

V

video, 3(5), 4(7), 8(15), 9(17), 10(19),

12(23), 13(25)

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ATTRIBUTIONS 27

Attributions

Collection: The Economics of Love and Dating Edited by: Institute for Humane Studies URL: http://cnx.org/content/col24329/1.1/

License: http://creativecommons.org/licenses/by/4.0/

Module: "The Economics of Love and Dating: Some Economic Denitions"

Used here as: "Some Economic Denitions"

By: Institute for Humane Studies

URL: http://cnx.org/content/m66165/1.1/

Pages: 1-2

Copyright: Institute for Humane Studies

Module: "The Economics of Love and Dating: Should You Go Out This Friday Night?"

Used here as: "Should You Go Out This Friday Night?"

Pages: 3-4

Module: "The Economics of Love and Dating: How To Navigate the Dance Floor"

Used here as: "How To Navigate the Dance Floor"

Pages: 5-6

Module: "The Economics of Love and Dating: If You're Going to Vegas, Be a Woman"

Used here as: "If You're Going to Vegas, Be a Woman"

Pages: 7-8

Module: "The Economics of Love and Dating: Why Do People Date?"

Used here as: "Why Do People Date?"

Pages: 9-10

Module: "The Economics of Love and Dating: Using Marginal Thinking to Make Dating Decisions"

Used here as: "Using Marginal Thinking to Make Dating Decisions"

Pages: 11-12

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28 ATTRIBUTIONS Module: "The Economics of Love and Dating: When to Break Up"

Used here as: "When to Break Up"

Pages: 13-14

Module: "The Economics of Love and Dating: When to Ask Someone Out"

Used here as: "When to Ask Someone Out"

Pages: 15-16

Module: "The Economics of Love and Dating: When Safe Sex Isn't So Safe"

Used here as: "When Safe Sex Isn't So Safe"

Pages: 17-18

Module: "The Economics of Love and Dating: Be a Scarce Commodity"

Used here as: "Be a Scarce Commodity"

Pages: 19-20

Module: "The Economics of Love and Dating: My Love Does Cost a Thing"

Used here as: "My Love Does Cost a Thing"

Pages: 21-22

Module: "The Economics of Love and Dating: Beauty Is in the Eye of the Beholder"

Used here as: "Beauty Is in the Eye of the Beholder"

Pages: 23-24

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ATTRIBUTIONS 29 Module: "The Economics of Love and Dating: Conclusion"

Used here as: "Conclusion"

Page: 25

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The Economics of Love and Dating

According to Professor Ninos Malek, economics can help you in every aspect of your life, even the dating world! Join Professor Malek in this short online course as he explains how concepts from economics can help improve your dating life.

About OpenStax-CNX

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The Economics of Love and Dating

The Economics of Love and Dating

By:

Institute for Humane Studies

The Economics of Love and Dating

By:

Institute for Humane Studies

Online:

< http://cnx.org/content/col24329/1.1/ >

OpenStax-CNX

Table of Contents

Chapter 1

Some Economic Denitions

Solutions to Exercises in Chapter 1

Chapter 2

Should You Go Out This Friday Night?

Solutions to Exercises in Chapter 2

Chapter 3

How To Navigate the Dance Floor

Solutions to Exercises in Chapter 3

Chapter 4

If You're Going to Vegas, Be a Woman

Solutions to Exercises in Chapter 4

Chapter 5

Why Do People Date?

Solutions to Exercises in Chapter 5

Chapter 6

Using Marginal Thinking to Make Dating Decisions

Solutions to Exercises in Chapter 6

Chapter 7

When to Break Up

Solutions to Exercises in Chapter 7

Chapter 8

When to Ask Someone Out

Solutions to Exercises in Chapter 8

Chapter 9

When Safe Sex Isn't So Safe

Solutions to Exercises in Chapter 9

Chapter 10

Be a Scarce Commodity

Solutions to Exercises in Chapter 10

Chapter 11

My Love Does Cost a Thing

Solutions to Exercises in Chapter 11

Chapter 12

Beauty Is in the Eye of the Beholder

Solutions to Exercises in Chapter 12

Chapter 13

Conclusion

13.1 Recommended Reading

Index of Keywords and Terms

B

C

E

H

I

L

M

O

S

U

V

Attributions