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Time and Attention
114: Commitment Devices
Oct 24, 2023
Topics discussed include commitment devices, intention-action gap, financial and social commitment devices, adding and removing friction for goal attainment, game theory and decision-making, using commitment devices to bridge the gap between intentions and actions, and the influence of social factors on commitment devices.
34:41
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Quick takeaways
- Financial commitment devices involve setting up a financial penalty or loss to motivate oneself to follow through with a goal.
- Social commitment devices utilize the pressure of not wanting to disappoint or let down others to motivate oneself.
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Financial commitment devices
Financial commitment devices involve setting up a financial penalty or loss to motivate oneself to follow through with a goal. For example, pledging to donate to a cause you don't support if you fail to achieve a certain goal.
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Discover
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