Economics of Marriage

By Kibash
Was in an argument few weeks ago with a friend who specializes in another field of knowledge about Economics existing in every corner of life. Here comes an astonishing but existing branch of economics, Marriage Economics or Economics of Marriage.
Marriage Economics simply mean
use of economic ideas in analysing marriage. Economics of Marriage includes the economic analysis of household formation and break up, of production and distribution decisions within the household (Wikipedia).
Marriage and issues involved in it can be explained with various economic ideas, some of them are:
Theory of Demand and Supply
Since demand and supply theory is all about transaction between the buyer(consumer) who is willing to purchase at certain and the seller(supplier) who is willing to supply at certain price. It is no news that most times, for every marriage, there is bride price attached to it. In Nigeria, the man can be regarded as the one demanding while family of the bride as the supplier. Marriage take place when there is equilibrium of demand and supply at certain price.
A reduction in price will result to increase in quantity demanded by men and increase in price will result to decrease in quantity demanded. This may be the one of the reasons why Nigerian men prefer to marry ladies of other tribes than marrying an Igbo lady. When there is excess demand, equilibrium price is expected to increase to bring restore equilibrium.
Utility, Rationality and Affordability
Utility which is the satisfaction derived from the consumption of a commodity. The commodity which is the lady (bride). An economic man which is assumed to be rational will always want to go commodity with greater level of satisfaction. In Becker's own words, "According to economic approach, a person decides to marry when the utility expected from marriage exceeds that expected from remaining single. Similarly, a married person terminates marriage when the utility anticipated from becoming single exceeds utility derived while married".
Affordability  is another economic idea that explains marriage. Though all rational being want commodity with greater satisfaction, but constrained by their affordability. An illiterate petty trader who earns average of N20,000 monthly would never try marrying a graduate and well established lady who earns average of N300,000 monthly. Economically, it wont work. This is the more reason why rich man and lady get married to each other.
Division of Labour and Comparative Advantage
Marriage, sadly, is not the final outcome between two people who decide to be together. Who will go out to work? Who will do the household chores? These questions need to be answered once two people decide to marry. There is need to introduce division of labour principle to ensure specialization and sweet union. Works should be divided between the two.
According to Beckarian model, the one with comparative advantage at earning wages will go out to work while the other person has to do the household chores and probably stay at home.
Law of Diminishing Marginal Utility
As more and more of a commodity is consumed, utility derived increases, gets to its peak and begin to diminish. This also explains some marriage situation in Nigeria, after marrying the first wife and utility derived is not maximum. Another wife may be married, but whenever utility reaches its peak and a man attempt to get extra wife, this will definitely result to disutility. A situation whereby utility begin to diminish. This is one of the reasons why most polygamous families are faced with problems.
The above analysis are viewpoint of the author as regard Marriage Economics with focus on Nigeria setting