Here, consumers tend to have a change in preference between two options when presented with a third, asymmetrically dominated option. This, in behavioural economics, is known as the concept of decoys and asymmetric dominance. However, when presented with a third option similar to the more expensive one in price but being worse, consumers tend to choose the costlier option. When presented with two similar products, consumers choose the cheaper one. Research from Ariely found that when given a choice while making a decision, consumers always make a comparison and don’t blindly choose. People often make irrational and surprising decisions is the basis of behavioural economics. They stated that putting a limit on the number of women men could ask out per month on the website would make men more conscious and take the website – and who they ask out on a date – more seriously. The two spoke of the simple yet effective concept of artificial scarcity and abundance in the online dating world. Two economists, Muriel Niederle of Stanford, and Dan Ariely of Duke were approached by the website to help them solve this problem. The dating website faced a problem of women quitting the website on receiving abundant, dating offers from men. As a hard core romantic with a passion for writing and a love for Behavioural Economics, it sparked my interest and probed me to look further. He states, “The longer you stay in the game, the greater your chances of losing”.

He used the simple concept of musical chairs to explain this theory. Joe Birger, a financial writer for Fortune Magazine wrote and published a book in 2015 on the concept of what he called Date-onomics, wanting to find out why dating is so difficult for some while others have it easy.

Dateonomics