The theory and empirical work around human behaviour is generally in the realm of microeconomics (macroeconomics is the aggregation of microeconomics). And so this is the post on microeconomics which I said I would post in the previous post I posted.
Currently, I am in my final year of my undergraduate economics degree, and it is getting increasingly stressful. If I were to be asked why I am not in a relationship, if I want to be in a relationship, or when I want to be in a relationship, I would reply: (i) no time (ii) not at the moment (iii) not anytime soon. These more or less revolve around the concept of the limitations on my time, because of the workload I have to do at uni.
In economics, apart from thinking of time constraints, we can think of utility and cost (or disutility). Utility is sort of analogous to the 'happiness' I get from being in a relationship (utility covers more than happiness). Cost is the cost of being in a relationship.
Now, given my current situation, my cost function is a quadratic function, perhaps an arbitrary
C = 50t - 2.5t^2 where t = the time period, starting from zero. Let us assume that each unit of t represents a semester at university. Hence, t = 1 is the first semester of the first year; t = 2 is the second semester of the first year, and so on.
If I differentiate this equation with respect to t, I derive my marginal cost function, which is:
MC = 50 - 5t
Now, given my current situation, my utility function is also a quadratic function, perhaps an arbitrary
U = 1.5t^2
If I differentiate this equation with respect to t, I derive my marginal utility function, which is:
MU = 3t
Now, to maximise the utility I get from being in a relationship, I need to set MC = MU (this is an economics condition that is used for profit maximisation in firms).
Hence,
MC = MU
50 - 5t = 3t
8t = 50
t = 6.125
Hence, I would maximise my utility from being in a relationship after I graduate! Remember that each t represents a semester. There are 6 semesters in an undergraduate degree, and so a t of 6.125 implies that it would be most profitable for me to enter into a relationship after I graduate, perhaps a month or 2 after I graduate. Prior to t = 6.125, the marginal cost (disutility) of being in a relationship exceeds the marginal utility, or phrased differently, the cost of being in a relationship exceeds the benefit.
And this explains why I am still single!