Hello gentlemen. Most of us have some kind of long term goal, and of course these goals are by no means easy. Staying committed is difficult, but it may be easier with the help of economics. Economics and game theory both talk about commitment devices. A commitment device is defined by Stephen Dubner and Steven Levitt as "a means with which to lock yourself into a course of action that you might not otherwise choose but that produces a desired result". I'll link you guys to some more credible sources other then a 17 year old dude on the internet so you can have a better understanding. I have never used one before, but I really want to try one. If you have some kind of goal or new years resolution, I really suggest you give one a try.
Real quick before I say mine, here is some more information. If you want to make one yourself, you should really check this stuff out.Freakanomics
podcast about the topic http://www.freakonomics.com/2012/02/02/save-me-from-myself-a-new-freakonomics-radio-podcast/Wikipedia
page about it http://en.m.wikipedia.org/wiki/Commitment_device
Here is some examples:
Commitment Devices created by Freakanomcis
Adam Scott's innovative method: https://www.youtube.com/watch?v=umwLQydvQfk&feature=youtube_gdata_player
It has worked for him pretty well, here is his blog (he has not posted in a while) http://coldturkeydiaries.blogspot.com My Commitment Device
My commitment device is kind if simple. It is a monthly contract to keep me motivated at school and when working out. Each goal, (exercising and better grades) is worth $25, totaling to $50. If I keep my GPA above a 3.4, and continue to work out consistently, I will get to keep the $50. It absolutely has to be spent. I save almost all of my money, and I never buy myself much. This money must
be spent. If I don't complete my goal, they money will be sent to one of the following organizations:
The American Communist Party
The American Fascist Party
The Westboro Baptist "Church"
gifted to a mod at puahate.com
A super-PAC of a politician I don't like
John Cook of Gawker.com
A trustworthy, honest friend will hold the money. This friend can NOT keep it for himself, he must choose one of the listed organizations to give it to, should I fail.
This might not work for everyone, but it might work for me.
Have you ever tried something like this? Did it work? Are you considering trying one?