The Power of Commitment Devices

Behavioral economics is a field that recognizes the complexity of human decision-making and how we often struggle to follow through on our intentions. One of the most powerful tools in behavioral economics is the commitment device, which can help us bridge the gap between our intentions and our actions. Commitment devices are ways in which people voluntarily pre-commit to achieving their goals, either by introducing a present-day cost or by limiting future choices. In this blog, we will explore how commitment devices can be used to promote healthy lifestyle and health decisions.

The concept of commitment devices is not new, and people have been using them for centuries to help them achieve their goals. The most well-known example is probably the New Year’s resolution, which is a type of commitment device where people set a goal for themselves at the start of the year and then try to stick to

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