Pre-commitment
Pre-commitment is a strategy used to ensure people follow through with their future plans. Due to one's present bias and hyperbolic discounting, people often behave in ways that give them immediate gratification as opposed to greater, longer-term rewards. As a result, people need to enforce strategies for themselves to commit to future behaviors, such as using pre-commitment devices.
Relevant Academic Papers
- Ariely, D., & Wertenbroch, K. (2002). Procrastination, deadlines, and performance: Self-control by precommitment. Psychological science, 13(3), 219-224.
- Thaler, R. H., & Benartzi, S. (2004). Save more tomorrow™: Using behavioral economics to increase employee saving. Journal of political Economy, 112(S1), S164-S187.
