egOnomics LabIt's all about precommitment and strategy

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Make a Commitment
Make a Commitment
- Egonomics Lab is an online service that allows you to set up a Commitment devicee, and back it up with money. You deposit $20, $50, $60, $100, and if you achieve your goal, you get it back, but if you fall short of your goal, your money is sent to the designated recipient of your Commitment
- HOW TO MAKE A COMMITMENT
  1-Set your goal, it may be loosing weight, exercising more, quit smoking or anything you want to achieve.
  2-Set the wager, it may be a reward or a penalty you agree to pay if you don't achieve your goal.
  3-Make it social, involving other people in your commitment, they can be friends you know who may act as motivator or referee.
Commitment Store
Commitment Store
- Imagine a Commitment Store that offered a financial incentive to lose weight.
  You promise to lose a pound a week for the next 20 weeks and then keep the 20 pounds off for the remainder of the year.
  You back up the promise with a $1,000 weight-loss bond. Weigh-ins are biweekly. Every time you meet your goal, you get back $60. Over the course of the year you could earn back $1,560.
  Of course, each time you miss, that costs you $60.
- The stick is mightier than the carrot.
  People hate losing their own money even more than they love gaining a windfall of the same amount. Psychologists call this phenomenon loss aversion.

egOnomics LabIt's all about precommitment and strategy

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Make a Commitment

Commitment Store