Paul, thanks so much for talking with us today. So when I go to the grocery store, if I spend a lot of time scanning the shelves, I could be doing other things. And if I want to buy a new house and I go from open house to open house, I could be doing the economist online dating article things.
And so when we think about a place where investing and getting what you really want is particularly valuable, it seems like the market for a life partner is hard to beat. We just buy one share of whatever company it is or we just buy one ton of soybeans or whatever it is. So in an ideal world, we would have the ability to search every single person out there and pick the ideal match. But the world is not ideal and going about searching through people is very costly.
So online dating has actually provided a boon to the market, or at least from my perspective I think of it that way. Because going out and meeting people is costly and difficult.
Whereas, searching through online profiles can be fairly efficient. So you have to spend the the economist online dating article going through profiles on websites and things like that and that can be very costly. SARAH GREEN: Well, and, of course, there was one little wrinkle to this, which actually makes it more like the world of hiring, which I was so glad that you mentioned, which is that you are not just sort of shopping for a partner.
So how does that kind of mutual choosing option kind of mix things up? So every house is different and every life partner is different. But when you do shop for a house, you just need to find the one you really want and be willing to pay enough for it. Both sides have to agree. And as a result, what ends up happening is both employers and people looking for jobs as well as people looking for significant others are always wondering could I do a little bit the economist online dating article And they might, even given an option, not take it.
So I might date somebody a few times and I think, well, you know I can probably find a match that would be a little bit more appropriate.
Dating online the article economist
So loneliness in the partner market is basically similar to unemployment in the job market. And you had some really the economist online dating article examples of everything from Korean dating sites to high end law firms on how people do this, or law clerkships. And so one thing that I found particularly interesting is when an online dating site in Korea stepped in and said, OK, how can we make this market work a little better?
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And the way they did that is they use the what an economist would call the idea of signaling. And the way they did was they said, everybody on our site can send invitations for dates to up to a certain number of people, but only two of those people can they also send what they called a virtual rose to.
And so now, that put the onus on the people to very carefully think through, well, who do I want to send my virtual the economists online dating article to? Who do I want to show I really care about you? I really want to work for your company. So it means something. Because as you were pointing out earlier, how in some ways online dating has made things more efficient.
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And the same is true of hiring. Artificial scarcity is a very good way of putting it.
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I think that can be very valuable. Sometimes when you lower the cost of doing something, you make it too easy. It saves students a lot of time consuming work in terms of entering data about themselves and writing essays and so forth, because they get shared among all the schools they apply to. Just like if you just send a generic message saying, I really want to meet you.
Can you walk us through the rubric there of when it the economists online dating article more for what kind of candidates and what kind of applicants are applying for what kind of jobs? So finding a mechanism for that person to be able to signal hey, I really want to work for you can be extremely valuable.
Because otherwise, those firms are going to ignore top qualified candidates who might want them. The online dating example that falls along those lines goes back to the Korean dating site I mentioned.
And so it turns out these virtual roses were on average very useful. But the Korean dating say was able to use various measures to determine who were the most sought after people on their website and who were not as sought the economist online dating article. Because those happen in relationships and you talked about them in the labor force as well.
And I think the https://masterlovesearch.today/term9/d4549.php left him three different messages. And this all happened when he was on a plane.
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Yeah, so a very extreme case. So how do, as an economist, how do you see either job ultimatums or relationship ultimatums as an attempt to impose control on an uncontrolled situation?
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PAUL OYER: Yeah, the example you just gave of law clerks is a particularly colorful example of something you see in the job market occasionally which is known as an exploding offer. And.
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