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• W1133255317 abstract "Setting concrete goals, backed up by contracts committing a person to those goals, can people in the proper direction.In recent years, the term has been used with increasing frequency- at conferences, during internal strategy meetings, and in trade journals-as a way to nudge behavior change.Behavioral economics examines the intersection of economics and psychology, looking at how psychological, social, and cognitive factors can influence economic and other traditionally rational decisions. It is the study of how real people (not theoretical models) make choices. Unlike traditional economic models that assume all people behave rationally, behavioral economics accepts that, as human beings, we can be irrational, short-sighted, and emotional. It acknowledges that often we make decisions that are contrary to our own interest, despite the best of stated intentions-and then tries to understand why.Why do people indulge in dessert when they are actively trying to lose weight? Why does a person regularly dine out when trying to get out of credit card debt?If someone asks me at 8 a.m. if I am going to have a piece of cake for dessert tonight, I will not hesitate to answer no-and feel genuine in that assertion. But later, when that dessert cart is right in front of me-the temptation and the aroma, all those cues, may cause me to change my mind. This is a classic example of a timeinconsistent preference.A behavioral economist looks for clever solutions to this problem of time-inconsistent preferences. One method of intervention is a broader concept known as architecture. Choice architecture is the design of an environment in which people make decisions, such as food placement in a school cafeteria. Where each item is placed and how it is presented to schoolchildren can greatly influence or nudge their selection into a preferred choice or behavior (e.g., choosing an apple over potato chips).Choice architecture is everywhere you look-in the organization of restaurant menus, grocery store layouts, opt-in versus opt-out retirement savings plans, or the shape of dishes and glasses at home. Each of these examples often is structured in a highly calculated manner, generally in a way that guides a person into making the choice the designer intends. Whether that's to order a larger size soda than intended, make an impulse purchase near the cash register, or donate an organ (yes, an organ!).Commitment Contracts Can Help Goal FulfillmentOne technique commonly used by behavioral economists is a device. A commitment device is any construct that will cause an individual to be more likely to follow through on a future behavior. These might be used to help compel people to go to the gym three times a week, lay off that dessert mentioned earlier, or turn off all screens after 9 p.m. A famous example of a commitment device was illustrated in Homer's The Odyssey, when Odysseus chose to tie himself to the mast to resist the future temptations of the Sirens.So the million-dollar question remains: Can we combine this new science of behavioral economics with the technology-driven, selfempowered era of aging in which we now find ourselves?Along with two behavioral economists from Yale, Dean Karlan and Ian Ayres, I founded a company to allow individuals, from millennials to retirees, to leverage commitment devices for personal goals. Our company, stickK.com, offers a Web-based platform that allows users to create Commitment Contracts, which are binding agreements made by an individual to achieve a personal goal, with a framework for success based on incentives and accountability.There are four steps to creating a Commitment Contract: Choose a goal-goals should be achievable and measurable; get a referee-a referee is a friend or family member who tracks the progress of the goal and verifies the accuracy of reports (adult children often serve as the most effective referees on stickK. …" @default.
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• W1133255317 date "2015-04-01" @default.
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• W1133255317 title "Empowering a Chance for Change: The Alchemy of Behavioral Economics" @default.
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