This might be the best explanation of the rise in popularity of diamonds for engagements (written by @NickSzabo4 as a comment about scarcity, below his proposal for Bit Gold in 2008) #DeBeerspic.twitter.com/UemTNNcsK7
That link goes to here, the source of the theory I summarized with these comments http://www.chass.utoronto.ca/~siow/332/rings.pdf …
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Great paper! Evolution of social obligations is so interesting. Thank you for pointing out its influence on demand for goods which are perceived as scarce
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Margaret F. Brinig, "Rings and Promises" Originally printed in 6 Journal of Law, Economics, and Organization 203 (1990)
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