Our recent podcast about commitment devices, called “Save Me From Myself,” continues to elicit responses from readers sharing their own experience. The other day, Amber told us about joining the Air Force as a commitment device.
Here’s another pair of stories. The first is from Philip Veysey, who lives in Madrid. He is looking for some advice:
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I listened with interest to your podcast about commitment devices and I thought I would share my own which I devised as a way to curb my unnecessary clothes shopping. I found that I was buying simply more clothing that I needed and although this wasn’t causing me any major problems, I realized that it was really wasteful and I decided to think of incentives to make me stop.
So this morning, Abercrombie and Fitch reported solid earnings for the second quarter. Its revenue was up 23% off strong international sales, and its net income rose 64% to $0.35 a share, beating Wall Street estimates of $0.29. So how come its stock price closed down nearly 9% today?
If you believe the knee-jerk mythology of the Internet, the answer’s simple: The Situation. Here’s the story: On Tuesday, the market closed with Abercrombie stock above $70 a share. That night, the Ohio-based company released a statement (strangely dated Aug. 12) titled “A Win-Win Situation,” in which it announced that it had “offered compensation” to Michael “The Situation” Sorentino to “cease” wearing its clothes. Here’s the entire statement:
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We are deeply concerned that Mr. Sorrentino’s association with our brand could cause significant damage to our image. We understand that the show is for entertainment purposes, but believe this association is contrary to the aspirational nature of our brand, and may be distressing to many of our fans. We have therefore offered a substantial payment to Michael ‘The Situation’ Sorrentino and the producers of MTV’s The Jersey Shore to have the character wear an alternate brand. We have also extended this offer to other members of the cast, and are urgently waiting a response.”