Being an Efficient Valentine

Uwe E. Reinhardt is an economics professor at Princeton.

Paul Oyer’s thoughtful “How to Be a Better Valentine, Through Economics” is not to be lightly dismissed. He has a Ph.D. in economics from Princeton University.

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Perspectives from expert contributors.

That said, I find myself distressed by his West Coast ideal of romance. In his first recommendation, for example, Professor Oyer advises readers to signal their love for their significant other by making a wasteful investment — including, horror upon horrors, a benefit in kind such as “taking her to a movie she likes and you hate (possibly one starring Sarah Jessica Parker).”

In a lecture note entitled “On the Economics of Benefits in Kind, or Why Economists are Lousy Lovers” (see Pages 7-8) I explain the East Coast approach to efficient romance.

What I tell students, in essence, is this: It might be more efficient simply to wire your significant other the amount that you would have spent on the proposed benefit in kind (a movie followed, possibly, by a full-course dinner at a special restaurant), so the cash can be spent to maximize his or her own utility (i.e., happiness). You can meet later in a public park, where hanging out is free.

As to doing “some unpleasant chores around the house that she has wanted done for a long time” – really another benefit in kind whose staggering opportunity costs might be not watching your favorite professional wrestling match or Korean soap opera. A lower-cost approach would be just to do fewer dumb things around the house for a few days: not microwave eggs in the shell (which, experience has taught me, does not always turn out well), not put plastic containers or knives with wooden handles into the dishwasher, or not mix white T-shirts with new, colored cotton napkins in the washing machine (which, experience has taught me, also does not turn out well).

To my mind, this lower-cost approach also signals love. In my case, for example, it would spare her the need to issue quite so many daily G.P.L.s (guides for prudent living).

As the headline of his post suggests, Professor Oyer teaches you to be a better valentine. “Better” is not good enough. You should be an efficient valentine.

via:http://economix.blogs.nytimes.com/2014/02/14/being-an-efficient-valentine/