We dive into the fascinating world of how human behavior influences economic decision-making. We discuss the New Year's resolutions and the role that commitment devices can play in helping us stick to our goals. If you're someone who has struggled to follow through on your resolutions in the past, this episode is for you. We'll be exploring the psychological factors that can make it difficult for us to stay committed to our resolutions, and we'll be sharing some practical tips and strategies for using commitment devices to increase our chances of success. So join us as we dive into the science of behavior change and learn how to make lasting changes in the new year.
In this episode, we chat about the following topics:
* Talk about New Year’s resolutions* Introduce behavioral economics and some of the key biases that affect our decision making* Cover some popular commitment devices to help people achieve their goals* Pop culture economics examples of behavioral economics & K-Pop
