Mating can be a risky stage of the life cycle in many kinds of sexual organisms, particularly those that release propagules—gametes, spores, or alates, depending on the organism—into a mating arena at low density where they may die before finding a mating partner. The abundance of the two sexes and thus the dynamics of a mating arena are affected directly by the sex allocation strategy of the parental organisms that produce propagules. A long-established theory of sex allocation is based on models with static representations of resource investment and mating. In contrast, we present a simple dynamic model based on rate-dependent production, mortality, and mating of male and female propagules. We show that anisogamy or similar sexual size dimorphism shifts optimal investment toward female propagules, while post-investment mortality of either sex favours greater male investment, in direct contrast to predictions from traditional static models. Our model predictions are broadly consonant with some macroevolutionary patterns, such as the typical female-biased reproductive investment by angiosperms, and raise new questions for empirical investigation in many taxa.