Assignment Question
To apply principles of behavioral economics to help you make a change in your life that you have been struggling to make on your own. Identify a desired change and which of the four available barriers is making that change difficult Glean at least one principle from the reading and its definition from the context in the reading assignment. Correctly apply that principle to the desired change and describe the resulting plan.
Assignment Answer
Applying Behavioral Economics Principles to Overcome Procrastination: A Personal Journey
Introduction
Behavioral economics, a fascinating interdisciplinary field that combines insights from psychology and economics, offers valuable tools to understand and modify human behavior. As individuals, we often struggle to make significant changes in our lives, whether it’s breaking bad habits, adopting healthier lifestyles, or enhancing our productivity. One common challenge that many of us face is procrastination, which hampers personal and professional development. This essay explores my personal journey of applying principles of behavioral economics to overcome procrastination. I will identify the desired change, the specific barrier, and draw from relevant literature to craft a behavioral economics-based plan to tackle this issue.
Desired Change: Overcoming Procrastination
Procrastination is a pervasive problem that plagues countless individuals in various aspects of their lives. As a graduate student, I’ve encountered the detrimental effects of procrastination in my academic pursuits, particularly in completing assignments and research projects. The desired change in my life is to overcome this chronic procrastination and develop effective time management skills. Procrastination is a barrier that has been preventing me from reaching my full academic potential, and I believe that applying principles of behavioral economics can help me address this issue.
Barriers to Change: Present Bias
Present bias is a fundamental barrier to overcoming procrastination. This bias refers to our innate preference for immediate rewards over delayed ones. In the context of procrastination, it means that we often choose short-term pleasure or comfort, like watching television or browsing social media, over long-term benefits like completing an assignment. This preference for instant gratification can be particularly powerful and lead to procrastination, as the rewards for delaying work are immediately accessible, while the costs are postponed into the future. This creates a vicious cycle of procrastination, as we repeatedly give in to short-term temptations.
Principle from the Reading: Hyperbolic Discounting
One relevant principle from the reading that can help address the issue of procrastination and present bias is “hyperbolic discounting.” Hyperbolic discounting is a cognitive bias where individuals give disproportionate value to immediate rewards while undervaluing future rewards, even if the future reward is objectively greater (Ainslie, 1975). It is a form of time inconsistency, where our preferences change as the time frame of a decision shifts from the future to the present. In the context of procrastination, hyperbolic discounting explains why we tend to choose immediate pleasures over future benefits, even if we know that the future benefits are more significant.
Application of Hyperbolic Discounting to Overcoming Procrastination
To address the issue of procrastination and present bias, I will apply the principle of hyperbolic discounting by using a well-established behavioral economics strategy: commitment devices. Commitment devices are tools or strategies that individuals use to bind themselves to their future goals or intentions, often by imposing costs or constraints on their future selves. By creating a system that leverages the insights of hyperbolic discounting, I can shift the immediate rewards of procrastination towards more productive activities and reduce the appeal of short-term distractions.
Plan to Overcome Procrastination
Step 1: Goal Setting and Time Discounting
The first step in addressing procrastination is to set clear and achievable goals. I will identify specific academic tasks or assignments that need to be completed, such as research papers, readings, and project deadlines. To counteract my present bias, I will employ the concept of “time discounting,” which involves reducing the immediate rewards of procrastination by making future rewards more tangible and appealing.
I will create a comprehensive academic calendar that outlines all my assignments and deadlines. Importantly, I will include a visual representation of the potential long-term rewards of completing each task, such as improved grades, a sense of accomplishment, and reduced stress. By making these future rewards more salient, I aim to counteract the immediate gratification of procrastination. This aligns with the principle of hyperbolic discounting, as I am attempting to equalize the perceived value of immediate rewards (procrastination) and future rewards (task completion).
Step 2: Precommitment Strategies
To further combat present bias and increase my commitment to my academic goals, I will implement precommitment strategies. Precommitment is a behavioral economics concept that involves making choices or taking actions in the present to restrict future options. In the context of overcoming procrastination, I will employ precommitment to create a cost associated with delaying tasks.
One effective precommitment strategy is the use of commitment contracts or behavioral contracts. These contracts involve making agreements with a trusted friend, family member, or a dedicated app that holds me accountable for completing tasks. If I fail to meet my commitments within a specified timeframe, there will be a predetermined consequence. For instance, if I do not finish a paper by a certain deadline, I may agree to donate a specific amount of money to a cause I strongly oppose.
This precommitment strategy works by leveraging hyperbolic discounting. It makes the immediate costs of procrastination more salient and costly by attaching a penalty to it. This can help shift the balance of immediate rewards away from procrastination and towards task completion.
Step 3: Reward Substitution
To further address present bias and procrastination, I will employ a strategy called “reward substitution.” Reward substitution involves replacing the immediate gratification of procrastination with alternative, more productive rewards. This aligns with the principle of hyperbolic discounting, as it aims to equalize the perceived value of immediate and future rewards.
In this step, I will identify alternative activities that can provide immediate rewards while still contributing to my long-term goals. For instance, I may create a list of enjoyable but productive activities that can act as substitutes for procrastination. This might include taking short breaks to engage in physical exercise, practicing mindfulness, or even working on smaller, manageable tasks that offer a sense of accomplishment.
The key here is to create a set of “micro-rewards” that can be accessed throughout the work process, providing immediate satisfaction without derailing the main task. These rewards will help counteract the allure of procrastination and align with the concept of hyperbolic discounting by making the rewards of productive work more tangible and appealing in the present.
Step 4: Implementation of Technology
Modern technology, particularly smartphone apps and web extensions, offers valuable tools to address procrastination. I will leverage technology to implement the strategies outlined in the previous steps. There are several apps and tools designed to help individuals manage their time and stay focused on their goals.
For goal setting and time discounting, I can use digital calendar and task management apps. These tools allow me to create a visual representation of my academic calendar, complete with deadlines and the long-term rewards of task completion. Additionally, these apps often provide reminders and notifications to ensure I stay on track.
For precommitment strategies, there are apps that enable users to create commitment contracts with financial consequences. These apps facilitate the negotiation of consequences and ensure that the agreed-upon penalties are enforced if goals are not met. By using technology to formalize my commitments and hold me accountable, I can effectively apply precommitment to my efforts to combat procrastination.
To implement reward substitution, I can use apps that gamify task completion. These apps provide immediate rewards, such as virtual badges or points, for completing tasks. By turning task completion into a game with immediate, satisfying feedback, I can redirect my attention away from procrastination and toward more productive activities.
Conclusion
Procrastination is a common barrier that many individuals face in their personal and academic lives. Overcoming this challenge often requires understanding the principles of behavioral economics and applying them effectively. In this essay, I identified the desired change of overcoming procrastination and recognized the barrier of present bias, driven by hyperbolic discounting.
To address this issue, I developed a comprehensive plan that applies principles of behavioral economics to combat procrastination. This plan involves setting clear goals and time discounting, implementing precommitment strategies, employing reward substitution, and leveraging technology to support these strategies. By doing so, I aim to shift the balance of rewards away from procrastination and toward task completion, making long-term benefits more salient and immediate.
In the journey to overcome procrastination, it’s essential to acknowledge that behavioral change is a gradual process. By continuously implementing and adapting these behavioral economics principles, I am confident that I can make meaningful progress in overcoming procrastination and improving my academic performance. Behavioral economics provides valuable insights and tools that, when applied with dedication, can help individuals make positive changes in their lives.
References
Ainslie, G. (1975). Specious reward: A behavioral theory of impulsiveness and impulse control. Psychological Bulletin, 82(4), 463-496.
