Using Game Theory to Explain the Shortage of Eligible Bachelors
Those who are familiar with the concept of game theory usually think of the well-known “Prisoner’s dilemma” when real world applications of this concept are brought up. Though it is true that the situation involving two prisoners deciding whether or not they should confess to a crime well represents the basic concepts of game theory, this theory of strategic decision making also surfaces in many areas of every day life—often in very subtle ways. In an article by Mark Gimein, the writer ties the concept of game theory to the “eligible-bachelor paradox”: the shortage of available, appealing men. By arguing that the traditional search for marriage partners is like an auction where some women are more confident of their prospects than others (strong bidders and weak bidders), Gimein explains how such “auctions” are usually won by weak bidders rather than strong bidders, thus explaining the eligible-bachelor paradox (which is no longer so paradoxical).
As explained by Gimein, according to the principles of game theory, the weak bidders often bid more aggressively, because they know that they can be outbid (and therefore possess the mentality that they have less to lose), whereas the strong bidders hold out and wait for the “perfect prospect” (because they know they can outbid others and can afford to wait). However, as the weak bidders bid away, the amount of appealing men shrink away as they are married off and leave the game (the strong bidders are still waiting for “better options”). This eventually leaves a pool of men who are considered ineligible in relation to the strong bidding women (often attractive, successful, etc., which is why they are considered strong bidders).
Gimein’s article was interesting in the sense that it shed a new light on the applications of game theory. Personally, I’ve never thought of game theory in terms of social contexts such as processes leading up to marriage. This just goes to show how strategic economic principles such as game theory subtlety dictate how we make choices in our every day lives.
Source: http://www.slate.com/articles/arts/everyday_economics/2008/04/the_eligiblebachelor_paradox.single.html
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Cynthia? I don’t know even what this is?