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Topic 1: Meaning of Life: Economics of Life

In: Business and Management

Submitted By rebeccamarshall
Words 419
Pages 2
Critical Thinking Portfolio Task
Topic 1: Meaning of Life: Economics of Life
Rebecca Marshall – 08099405

Online dating has increased in popularity over the last few years with the most recent RSVP Date of the Nation Report (2014) showing online dating as the second most preferred way to meet a new partner compared to the 2012 RSVP report which showed online dating as the fifth preferred option
(Medianet, 2015).
There are a number of benefits to online dating that may have contributed to its rising popularity. A network externality will occur as more and more people become familiar with and confident in using online dating platforms, expanding the pool of potential suitors.
Specific group dating sites have also been created that provide a mechanism for assortative mating
(homogamy) preferences whereby individuals are able to select potential partners based on similarities such as environment, education, socio economic status, aesthetics and a range of other categories, increasing the chances of finding a suitable partner while keeping search costs low.
To further reduce search costs, signalling, such as sending an e-rose, can be used by individuals to narrow the pool of potential partners to those of particular interest, increasing the chances of acceptance by 20% (Lee & Niederle, 2014).
However, online dating also has its negatives as information is shared in an environment where cheap talk can distort the information, such as appearance attributes, due it the unverifiable and non-binding (Farrell, 1996) online process. It is difficult to judge the quality of the information shared through online mediums, with misrepresentation and dishonesty negatively impacting online forums as a whole which may have the potential to push genuine individuals out of the online dating market (Akerlof, 1970).
Overall, online dating provides a convenient way for individuals to broaden their dating pools and obtain better chance of obtaining a match, especially when sophisticated matching algorithms, such as the Gale-Shapley algorithm, are employed by the dating websites.

Reference List
5th Annual RSVP Date of the Nation Report – retrieved from http://journalists.medianet.com.au/DisplayAttachment.aspx?j=806289&s=2&k=8876434 on
29.07.2015
Akerlof, G. A. (1970). The market for "lemons": Quality uncertainty and the market mechanism. The
Quarterly Journal of Economics, 84(3), 488-500.
Farrell, J. (1996). Cheap talk. The Journal of Economic Perspectives, 10(3), 103-118. doi:10.1257/jep.10.3.103 Lee, S., & Niederle, M. (2014). Propose with a rose? signaling in internet dating markets.
Experimental Economics, doi:10.1007/s10683-014-9425-9

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