StickK.com

Economists at Yale have just started StickK.com. The concept is fascinating. You set a goal for yourself (lose weight, stop smoking, kick meth...you name it). You commit a certain number of dollars and designate someone as a monitor (and, if you like, others as supporters). If you accomplish your goal you recieve all of your money back, totally free of charge. But...and here is the catch...everytime you slip a portion of your account gets donated to a charity of your choice.

Here is Tim Harford on StickK. Coincidentally Harford also authored the book MCC and I (and others) will be reading with Marginal Revolution later this month. FYI-Amazon just shipped and Slate has excerpts this week.

I think the idea behind StickK is remarkable and I will be surprised if the website isn't hugely successful. Who needs expensive weight loss programs and fancy exercise equipment when you can just log on to a website for what you really need...motivation? And, other than death, what is a better motivator than $$$. I want to come up with a goal to try it just for shits and giggles, but I can't decide which of my many failings I want to tackle first.

I also share Harford's concern that sending a few dollars to a good cause might not be appropriately negative incentive. Snoozing for testicular cancer research actually sounds pretty noble. But I'm sure if I make my financial commitment large enough there won't be a cause in the world good enough to keep me from jogging a couple times a week. Of course, as an alternative, you could select a charity or cause that you detest. For me, the risk of contributing to the DNC ought to do the trick!