A Stochastic Dynamic Programming Approach to Decision Making in Arranged Marriages
Applied Mathematics Letters, Vol. 24, pp. 2197-2200, 2011
Posted: 17 Aug 2011
Date Written: August 16, 2011
We employ a stochastic dynamic programming approach to study decision making by an individual wishing to have an arranged marriage. First, we show that this individual never opts out of a voluntarily agreed upon marriage. Second, we demonstrate that our marrying individual uses a reservation utility to determine which marriage proposal to accept. Third, we compute the expected length of time during which our marrying individual stays single. Finally, we focus on an arranged marriage market in which there are many identical marrying individuals and profit maximizing matchmaking firms. We show that profit maximization implies that all matchmaking firms offer marriage proposals whose utility equals the reservation utility of our marrying individuals.
Keywords: Arranged Marriage, Decision Making, Matchmaking Firm, Reservation Utility
JEL Classification: J12, D81
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