In: Economics
Describe a situation where you or a friend have successfully used a commitment device to make a better decision.
What exactly is Commitment device?
It is a way of tying or locking yourself for the task which you don't want to do, but you have to do that anyhow because you already know that, it is Good for you, and it will surely benefit you.
How to act on a commitment device?
Here I am going to share my own example on how I used a commitment device successfully in establishing my goal.
I was preparing for my competitive exams. My parents referred me to study early in the morning from 5 o' clock. In my entire school life I never woke up early in the morning and whenever I tried to do so, I faced many health problems. And in my whole day I have to perform other tasks which also includes going to the college and I always run out of time for studying. Therefore this time I had to work on it anyhow and make it a habit.
Therefore I locked myself for this task. Although it was against my choice, it was for my betterment.
I anyhow started waking up at 5 a.m. and within one week I made it a habit.
Although waking up early was against my choice but I managed to make it a habit.
The technique used here was the Commitment device.
We all have used this technique once or more in our lives. The main Benefit of this technique is that it leads to modification of the stimulation.