Commitment Devices to Help You Reach Your Goals
A commitment device is a way to lock yourself into behavior change by linking it to a reward or punishment. One of the oldest (albeit fictional) examples of a commitment device is the story of Odysseus who tied himself to his ship's mast so he wouldn't be entranced by the siren's song.
A commitment device is a choice that an individual makes in the present which restricts his own set of choices in the future, often as a means of controlling future impulsive behavior and limiting choices to those that reflect long-term goals.
What are examples of government-provided commitment devices? Cigarette taxes. As mentioned before, people face self-control problems when trying to quit cigarettes, because there is a short-term cost (withdrawal symptoms/not being able to enjoy smoking) and a long-term benefit (better health).
A precommitment device is a strategy for forcing yourself to do something you think you should do but you don't actually want to do. ... The most famous example of someone using a precommitment device is Odysseus having himself tied to the mast of his ship to avoid the temptation of the sirens.
A commitment device is a technique where someone makes it easier for themselves to avoid akrasia (acting against one's better judgment), particularly procrastination.
A loan commitment is an agreement by a commercial bank or other financial institution to lend a business or individual a specified sum of money. Loan commitments are useful for consumers looking to buy a home or businesses planning to make a major purchase.
A commitment mechanism is a means for removing the risk of opportunistic policy in particular contingencies. Commitment mechanisms are closely related to more general factors that enhance policy credibility. ... Domestic institutions can also foster policy commitment.
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