Using the lessons learned from behavioral economics--the science of rewards and punishments--as a strategy using “commitment contracts” for overcoming self-defeating behavior. It provides an impetus, using the StickK method, to meet personal and professional goals and therefore to live a happier life.
Carrots and Sticks: Unlock the Power of Incentives to Get Things Done by Ian Ayers guides the reader in overcoming the weakness of will in behavior such as:
- Smoking
- Overeating
- Procrastinating
- Drinking
- Losing temper
- Succumbing to fears and phobias
- Fingernail biting
About StickK
StickK explains how to escape from the anxiety of self-defeating behaviors and overcoming the drive for instant gratification, providing life-changing tools. StickK empowers the individual to better, successful professional and personal lifestyle by achieving and sticking to goals.
To be effective, Ayers writes that the individual needs a credible threat and needs to believe that if the person fails, something will have to be forfeited.
The web site established by Ayers and Professor Dean Karlan makes it easy to set up an iron-clad commitment contract in which the individual bets against oneself.
Making a Commitment Contract
People have been using various forms of incentive contracts from the days of Odysseus to Curt Shilling, who in 2007 entered into a $2 million weight-loss incentive with the Boston Red Sox.
Almost all individuals engage in some activities that are not good for them. For example, procrastination or making resolutions that are never kept. Making a commitment contract can be the key to leading a more fulfilled life. Commitment contracts provide a simple, powerful, and unifying solution to many behavioral problems. They are promises backed by contingent rewards or punishments.
The concept behind the commitment contract is:
- People don’t always do what they claim they want to do
- Incentives get people to do things.
There are dozens of different choices for how to structure contractual commitments. Each person has to choose the right accountability that works for that individual.
Part of choosing the type of accountability is picking the person who gets to decide whether or not a commitment is being kept. An individual can choose to use self-refereed “honor contract” or some one else can be designated to be the referee.
Ayers explores the how to find the best commitment tool and when it best to keep the tool in the box. He believes that commitment contracts are valuable because it can not only changes the behavior of the individual but also change other people’s behavior.
Carrots and Sticks is a fascinating book while at the same time being practical for anyone wishing to change their behavior patterns whether it is losing weight,overcoming fears and phobias or anxieties.
About the Author
Ian Ayers is an economist and lawyer. He is the William K. Townsend Professor at Yale Law School and the School of Management. He is a columnist at Forbes Magazine and a regular contributor to the New York Times Freakonomics blog. He has written ten books including Super Crunchers. He lives in New Haven, Connecticut.
Ayers, Ian. Carrots and Sticks: Unlock the Power of Incentives to Get Things Done. NY: Bantam Books, 2010
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