Commitment Devices
Notes
Commitment devices are as their name suggests tool that can help us commit to what we aspire to do. It can range from keeping a diet, to writing, working out and waking up on time. Since we are prone to Distractions and Present Bias, it can be very difficult to commit to a long term goal, especially if it's benefits are far in the future while the costs are high and present.
Such devices can provide external pressure to maintain our habits. This could be an alarm clock that keeps on running until you switch it off, signing up to a program, it could be an accountability partner, or locking an amount of money that will be returned only when the goal is achieved, otherwise the money will go to causes you don't support.
To goal is to improve our Accountability, by making the costs more tangible. We no longer have to trust our future (or "higher self") to take over and exert Self-control, nor do we have to rely on our willpower to save us from temptations. With the help of self imposed Limits, we are able to "persuade" our present self to make the right choice Nudge.
Commitment devices are powerful because they :
- Reduce the Friction in making good choices
- Reduce the amount of ;Decision points we have during the day. By "automating" our will and habits, we have less decisions to make throughout the day, which means we have more willpower to spend on the decisions that really matters.
- Protect us from Emotional hijacking. We can make the right choice the only/easiest choice when our mind is clear, such that it will protect us from making bad decisions when emotions are running high.
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Overview
🔼Topic:: behavioral psychology (MOC) ↩️Origin:: 🔗Link::