11/22/2009

A Quick, Personal Intro to Behavioral Economics

I want to start a conversation on Behavioral Economics ("BE") and I want to make sure you can internalize it. . . AND I found the website that helps me!

Here is a personal (and positive) experience that allows you to 'live' BE. Here's what you do:

  1. Visit stickK and identify a goal you've been struggling to achieve (e.g., marathon, last 10 lbs of baby fat, grad school)
  2. Register/Login and enter the details of your commitment
  3. Choose the stakes – this is where it can get REALLY interesting (i.e., I suggest Anti-Charity)!

    So. . . essentially decide which of the following is the most LOATHSOME:

  • Americans United for Life
  • NARAL Pro-Choice America Foundation
  • Nature Conservancy
  • The National Center for Public Policy Research
  • Freedom to Marry
  • Institute for Marriage and Public Policy
  • Educational Fund to Stop Gun Violence
  • NRA Foundation
  • George W. Bush Presidential Library
  • William Jefferson Clinton Presidential Library
  1. Set a referee if you REALLY want to be serious
  2. Start the races!!!!

I found the site through this New Yorker article and find the context of the article hilarious (HINT: I have a similar anti-charity).

QUESTION TO YOU: Have you had a recent retail or service experience on the web that created an incentive structure similar to sticK's? I'd love to hear about it!

 

To keep this blog fun, and short, I wanted to drop a few more BE references for you all:

  • You should check out a great TEB video of Dan Ariely:

     

  • And feel free to read a white paper I worked on while working with Dan (more on the paper later):
Predictably Irrational Customers
View more documents from Eric Siegmann.

 

  • Finally, I want to put a plug in for Dan's book. . . BUY THIS BOOK ;-)

Cheers Folks

Nov 22, 2009 10:40:47 PM | The Other Side

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