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Betting on Yourself

Commitment devices are an increasingly popular weight-loss method, especially among economists. However, new research from Nicholas Burger and John Lynham indicates that betting on your own ability to lose weight may not be a sure thing. “Despite payoffs of as high as $7,350, approximately 80 percent of people who spend money to bet on their own behavior end up losing their bets.” Does the problem lie with the commitment device? Are there more effective devices than money? (HT: Marginal Revolution) [%comments]