This is entertaining: Megan McArdle considers four possible economic approaches to how couples should order food in restaurants.
3. Individual property rights, with option trading. Now we’re moving toward a more centrally planned economy. The menu is individually consulted, and then the two parties state their preferences. If these preferences are strong, then matters proceed much as in the above strategy. However, if indecision is expressed, the trading is opened: “If you get the clam chowder, I’ll get the mushroom crostini, and we can split.” Option trading is usually, but not always, confined to the appetizer course. Any offer can be refused, and a substitute offered — “What if I got the clam chowder, and you got the ham timbales?” — or both parties may reluctantly conclude that no trade is possible, and revert to their original choices.
Well done, Team Restaurant! You are now beginning to realize the magnificent benefits of trade. Coordination and cooperation have permitted you to agree on choices that jointly improve utility.
However, I must tell you that you are still probably not at the highest valued use of your food dollar. You are almost certainly investing most of your effort in appetizers or shared desserts, which are the minority of your spending, time and consumption. If you want not merely to improve your utility, but to maximize it, then you are going to have to invest more effort in coordination.
Her conclusion is spot on; it’s the best way to dine out.