Dating can sometimes seem like a daunting task. However, in the eyes of an analytical economics major, dating becomes a much more rational matter.
The film "A Beautiful Mind" demonstrates the benefits of economic knowledge in dating when economist John Nash uses game theory to help all his friends successfully win over a girl at the bar.
However, game theory is not the only tool that economics contributes to the dating game.
1. Random Sampling - Getting to know people
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Before you can even start dating, you need to find someone to date. But there are so many people and how do you know which one is right for you? Well, just like the start of any good economic research project you start with a random sample. Basically, you get to know a lot of random people and from there you learn what you like and dislike.
2. Random Assignment - Deciding who to date
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Once you've met a lot of random people through random sampling, you then decide who you want to date. Can't choose just one person. No worries you don't have to! You can go out with different people. This is a random assignment. You choose at random who you want to date and who you don't want to date. One date does not mean long-term commitment, so no sweat!
3. Selection Bias - You can’t win them all
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Yet, in this model, we will most definitely find selection bias. As much as good economic experiments encourage random assignment in order to avoid correlation, let's be real you are not going to date just anybody. You are going to pick those that you like and like you back. See selection bias. But in this case, it's a good thing.
4. Central Limit Theorem - But that’s all right
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The great thing about economics is that it can help overcome any complications to a model. Like I said, selection bias is present but it's not a downfall. That is because we have the Central Limit Theorem. CLT is a wonderful teaching that claims if you do something over and over again enough times you will find out its true value (actually distribution, but you get the gist). So if your date fails, no worries just keeping dating the other fish and you'll eventually end up succeeding.
5. Equilibrium - Everyone will end up with someone
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So yes, you will end up succeeding because of CLT but just as important everyone will end up with someone because of equilibrium. In equilibrium, supply must equal demand. Thanks to Adam Smith's invisible hand we know that this happens naturally. So just as long as someone is looking for love, there is someone out there who belongs with them. Who knew Adam Smith was Cupid?
You are now ready to find love thanks to economics.
