Eyal: Financial skin in the game significantly outperforms pure rewards for habit cessation
Nir Eyal · #104 Nir Eyal: Mastering Indistraction · Feb 16, 2021 · at 58:24
Nir Eyal explains the behavioral psychology behind price pacts and loss aversion during a discussion on commitment devices.
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“I came across a study that found that the most effective smoking cessation study in history Was a study that simply paid people to quit smoking, and not only that, it was even more effective if the person had to put some skin in the game. So in this experiment, some people had to put in a 150 dollars that they would get back if they didn't smoke for six months, and those people were more likely to quit smoking than the people who just won money without putting some skin in the game.”
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