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PAUL OYER: Well, in everyday life, we’re always going around making decisions and some of those decisions are very costly.
So when I go to the grocery store, if I spend a lot of time scanning the shelves, I could be doing other things.
Because going out and meeting people is costly and difficult.
Whereas, searching through online profiles can be fairly efficient.
Shopping for a house and shopping for, that’s terrible terminology, but trying to find the right life partner are very similar in the one sense where each one is different.
This means they perform an activity only if the benefit outweighs the cost of starting it and if they must choose between two alternatives, they will choose the one with the most benefits and less costs.
But I pay the cost on that, which is in the short term I have to keep looking for somebody and I’m lonely.
And in the job market, there’s something very a kin to that which is if I keep looking for just the right job and the employer keeps looking for just the right person, they end up having openings that are unfilled and I end up being unemployed.
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.
So if we just go into some market where everything is commodity, I don’t know, stocks, or bonds, or something like that, we don’t need to do much searching.
But the world is not ideal and going about searching through people is very costly.