Tag: economics

David Reiley is an economist and a Beeminder beta user, albeit one who has yet to partake of a commitment contract. He asks the following: For those of you who have given yourselves big incentives to do something, do you ever find that you are shortchanging other important areas of your life as a result?...

[UPDATE 2015: We’ve learned that we don’t need to be this uptight or hard-nosed about derailments. Just reply to the email asking if the derailment was legit and say why you don’t consider it to be. We will believe you. If you want something closer to the original vision articulated in this old blog post...

The problem of self-control may be a ridiculous first world problem but it's the granddaddy of first world problems and I want to solve it. We live amidst a deluge of opportunities for instant gratification, especially in the form of food and entertainment, and most of us don't handle it well. The general problem, known as akrasia, is this:

[UPDATE: GymPact (later Pact App) sadly shut down in 2017.] If we were nervous about our competitors — and we’re not — we might be most nervous about GymPact. GymPact is currently an iPhone app (UPDATE: Android as well now) that pays you money for going to the gym, funded by the slackers who failed to...

Katja Grace, long praised by economists and now collaborating with one since joining Robin Hanson’s OvercomingBias blog, just wrote a pretty amazing article about how much Beeminder improves her life. She made several important points, one of which is particularly reblogworthy, especially if we take...

StickK popularized the idea of the anti-charity as a commitment device. Another [Update: former] Beeminder competitor, Aherk, offers to publish embarrassing photos of you on Facebook to ensure you don’t fall prey to akrasia. Another clever idea — proposed by Jennifer Hamon on Akratics Anonymous...

“Well I’ve already paid for Netflix this month, so I might as well watch another episode of ‘Say Yes To The Dress’. I’ll get around to canceling later. You know, when I’m less busy.” — A slightly caricatured version of me. When you sign up for some subscription services they make

You know how a lot of services offer things like one month free if you pay yearly? We were nerding out over the math of that and thought, why not generalize to compute the perfectly fair discount for paying at any frequency you like, including every infinity years, i.e., paying once for a lifetime subscription?...

This is crossposted on Messy Matters. Let’s talk about science! Beehavioral science. A new study published in the New England Journal of Medicine last week has been all over the news. It’s much better than previous studies and statistics I’ve seen on the efficacy of commitment devices. Not because...

The doctrine of revealed preference — that you can infer someone’s utility function based wholly on what they choose to do — has an illustrious history. John Locke said “the actions of men are the best interpreters of their thoughts.” And Ludwig von Mises said “the scale of values or wants manifests...

This is crossposted on Mark Forster’s Get Everything Done blog. The big news in psychology this week is that Baumeister’s Ego Depletion model is bunk. At least it has failed to replicate. I’m trying not to gloat too much but I’ve been pooh-poohing Ego Depletion for years. My take has been, based on...

Big news today: we have grown! We’ll leave it to Lillian to tell the backstory but we are pretty over the moon about this. We’ve been courting Lillian forever, even before it was financially realistic, since it seemed pretty clear she’d be able to whip our marketing and advertising and social media-ing...

As of last week, our esteemed competitor, Pact, is officially shut down. We’re genuinely sad about that but were very touched that they endorsed us in their announcement to their users. Which is why many of you are reading this now, so… Welcome Pact users! The title of this post isn’t exactly true but...

Special guest post by Scott Alexander of Slate Star Codex! This was originally published on LessWrong in 2012 but was in want of a better home. So it may be an exaggeration to call it a guest post when all Scott did was give us his blessing to resurrect it. But we figure he’s started down a slippery...

Content note: I started writing a post announcing a (Pareto-inefficient) change to the pledge cap interface and realized I first needed a post about what we call the Pareto Dominance Principle. But before that we needed a post about Pareto dominance. So, hooray, a whole mini blog series! Stay tuned...

This is part 2 in a 3-part series. Part 1 defined Pareto dominance and Pareto-efficient software. Part 3 is a case study.   I have some advice that now feels (to me, subjectively) too obvious to bother to tell you. But it was once pretty contentious here in the beehive. So I predict you’ll either find...

This is part 1 of a two-part series. First we explain loss aversion and how it’s distinct from the endowment effect. (Spoiler: loss aversion is a generalization of the endowment effect.) Asking Google how those things are different currently yields a fog of opaque logorrhea, so we hope this is enlightening....

This is part 2 of our two-part series on loss aversion. Previously we explained loss aversion and how it’s distinct from the endowment effect. Here we (as Beeminder) disavow loss aversion as a tool for behavior change. This isn’t like “Ego Depletion Depletion” or other debunking posts we’ve done. We...

That’s right my little bees: we put a commitment device in our commitment device to bring out the commitment flavor of the commitment device. Does everyone know the soup nazi from Seinfeld? Basically it’s an interesting episode in Seinfeldnomics (and boy howdy do we like economics) where there’s a soup...

Here are two handy wisdom nuggets: (1) Adam Wolf’s trick of committing now to start doing something in 30 days (i.e., create a goal with a 30-day initial buffer) to overcome the mental friction of getting yourself on the hook. (2) Tim Harford’s heuristic of only