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Supply and demand, yes. But polygamy?

Dear Economist,
I live in a place where polygamy is allowed, but generally avoided. One of my friends has two wives. When asked why, he once quipped “more suppliers means more competition and better service for the customer”. Now I know, both intuitively and through observation, that people with two wives seldom lead “peaceful” lives. As an economist, how would you explain that?
Mohsin, Pakistan

Dear Mohsin,

Your friend is demonstrating the truth of the old saying that the only thing more dangerous than an economist is an amateur economist. He’s right that ex post he potentially enjoys the benefits of competition, but he neglects the question of ex ante bargaining.

The truth is that most people who argue against polygamy simply cannot count. Polygamy does not create extra wives – it just changes the dynamics of who marries whom. A few rich or otherwise attractive men will marry several women each, and other women will therefore be in short supply and in a strong bargaining position. (In a patriarchal society, it will put their fathers in a strong bargaining position instead, but this is not the fault of polygamy itself.) Women get more choice: they can share a millionaire with someone else, or they can take their pick from humbler men, many of whom will never marry and each of whom, presumably, will be very eager to please.

Your friend may have found a way to enjoy his double marriage, although I wonder about that. Wise women will have insisted on binding conditions before entering into a marriage with a polygamist. Your friend must have found a way to wriggle out of these – or he’s hiding his pain. But what is certainly clear is that in reducing the supply of wives for other men, he has placed them at a serious disadvantage. I am not sure why he is still your friend at all.

Also published at ft.com.

For those you claim to be knowing Accounting and failing to explain what assets, liabilities, equity etc are :

Assets : Economics resources of a company.
Liabilities : Creditors claims on those resources.
Equity : Residual claims on resources.
Revenues : Inflows of economic resources.
Expenses : Outflows of resources or increases in liabilities.

Article From Tim Harford's Dear Economist:

What’s your approach to picking toilet stalls?

Dear Economist,

When I travel I am faced with a difficult choice: which of the toilet booths to use in offices or hotels. I always try to guess which one is the least used. Probability theory should tell me that all the booths should be equally used, but perhaps human psychology plays a part in this. My boyfriend believes the last one is the least used – contrarily, I believe the opposite. Perhaps this proves that, on average, all are equally used. Which one do you use?

Jan Lucan, Prague

Dear Jan,

The efficient market hypothesis says that stock and bond traders will swoop on underpriced assets, driving their prices up. If so, an ignorant investor may pick and choose at random, knowing that her selections will be priced as keenly as any others.

Let us assume that everyone, like you, wishes to use the stall less travelled. Can we apply the hypothesis to public lavatories? If so, you may pick any stall you wish.

But the efficient market hypothesis is not universally accepted even in financial markets, and in public toilets it is less convincing. After all, there are no highly paid “toilet traders” engaging in arbitrage – or if there are, the term conventionally applies to a different profession altogether. So perhaps there are systematic errors to exploit.

Internet research uncovers one poll that suggests that many people, like your boyfriend, head to the farthest cubicle. Another site claims that the nearest stall is the least used.

But all this is a little puzzling. Your stall-picking strategy reminds me of Warren Buffett’s comment that “diversification is a protection against ignorance”. Presumably you just want a clean toilet with some paper. Would it kill you to do a little research and check a couple of stalls? That’s what I do.

Also published at ft.com.

Back to bulb up brains again.

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B.com Part 1 and 2 (Ext) Scehdule

Important !! B.Com Part 1 (External) - Statistics & Business Mathematics Paper “V” paper were scheduled on January 29, 2013. would now be held on February 10, 2013 (Sun Timing 2pm to 5pm).
B.Com Part 1 (External) - Islamic Studies (For Muslim) & Ethics(For Non-Muslim) Paper “1-a” paper were scheduled on January 30, 2013. would now be held on February 13, 2013 (Wed Timing 2pm to 4pm(2hours).

i wont come. Mohsin here

Birth right Where to be born in 2013 Enlarge A QUARTER of a century ago, The World in 1988 light-heartedly ranked 50 countries according to where would be the best place to be...

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B.com Part 2 Optional Papers (Audit,Banking etc) which got cancelled today would now be conducted on 8th January, B.com Part 1 Accounting and Islamiyat have also been postponed to 2nd and 4th of January respectively.

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