In principles of microeconomics we recently discussed behavioral economics in general and commitment mechanisms specifically. I decided to personally illustrate a commitment mechanism by committing to pay my students money if I don't lose weight.
The deal: I need to lose 7 pounds in 60 days or I pay my students $100. That's not a lot of weight, but losing 7 pounds in a time frame is easier said than done. It will require slightly more exercise and slightly better eating. I'm hoping to get back to the weight I was when I was in London.
I have until Sunday, April 27th to lose weight.
When announcing this, I had my students vote on how they'd like to be paid should I lose (which I have no intention of doing). Their options were:
One person wins $100
Two people win $50
Four people win $25
Ten people win $10, or
Twenty people win $5
The class chose to have me pay $25 to four people should I lose.
After class, I went to a weigh-in on the scale at the Susquehanna training room.