How can economics help you with online dating?

While economics and online dating might not seem to have a lot in common at first glance, there are actually some remarkable similarities between the two.

Stanford professor Paul Oyer has written a book entitled Everything I Ever Needed To Know About Economics I Learned From Online Dating and City AM has commented on some of the theories he detailed that apply to both subjects.

The first of these is the thick market effect, which works on the basis that the more options there are available in a particular market, the more likely someone is to find what they are looking for.

Of course, online dating has experienced tremendous growth in recent years and there are now many thousands of people hoping to find love via the web.

Secondly, he told the story of adverse selection, which effectively means those products – or, in the case of dating, people – who have been on the shelf the longest are likely to be there for a reason.

There is a danger around hidden information and just as people who are buying cars should not opt for one that has been up for sale for a long time, online daters might not wish to pick out singletons who have spent many months or even years on sites.

Mr Oyer's third theory is signalling, which relates to being able to tell people you are interested in something and sounding as though you mean it. In dating terms, while you might tell someone you like them, it may sometimes not come through that way.

And last but not least, he explained the search theory, which essentially means whether you want to keep looking or accept the best option available to you.

There is no such thing as the perfect partner, so be willing to accept the flaws of those you get chatting to as long as they tick most of the boxes you are seeking to have filled.