The principle of voluntary pairing under competitive conditions” is not the most romantic way of explaining why some get married and others remain single.
But finding a life partner – or “the mating game”, for those inclined to game-theory – is an important application of the theory of search and matching. On Monday, its founders were rewarded for their efforts with the Nobel Prize in economic science.
Search theories added realism to earlier theories of matching. As Dale Mortensen, one of the laureates, wrote in a 1988 paper: “It takes time to meet a partner and to learn the uncertain value of any partnership.”
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