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  • PROCRASTINATION

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    Po Tato
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    A study conducted by Harvard professors found that participants were more likely to enroll in a savings plan that automatically deducted 2% of their paycheck if the enrollment date was set for one year in the future rather than immediately. Only 30% enrolled when the date was immediate, while 77% enrolled when the date was in one year. This reveals that people tend to value immediate benefits over future ones, leading them to procrastinate on behaviors that are good for them long-term. To avoid procrastination, the document suggests making future rewards seem more present, making the costs of waiting seem more immediate, and removing triggers that encourage delay from one's environment.

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    A study conducted by Harvard professors found that participants were more likely to enroll in a savings plan that automatically deducted 2% of their paycheck if the enrollment date was set for one year in the future rather than immediately. Only 30% enrolled when the date was immediate, while 77% enrolled when the date was in one year. This reveals that people tend to value immediate benefits over future ones, leading them to procrastinate on behaviors that are good for them long-term. To avoid procrastination, the document suggests making future rewards seem more present, making the costs of waiting seem more immediate, and removing triggers that encourage delay from one's environment.

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    7 views1 page

    PROCRASTINATION

    Uploaded by

    Po Tato
    A study conducted by Harvard professors found that participants were more likely to enroll in a savings plan that automatically deducted 2% of their paycheck if the enrollment date was set for one year in the future rather than immediately. Only 30% enrolled when the date was immediate, while 77% enrolled when the date was in one year. This reveals that people tend to value immediate benefits over future ones, leading them to procrastinate on behaviors that are good for them long-term. To avoid procrastination, the document suggests making future rewards seem more present, making the costs of waiting seem more immediate, and removing triggers that encourage delay from one's environment.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    In a study conducted by two Harvard professors, Todd Rogers, and Max Bazerman,

    subjects were asked to enroll in a savings plan that automatically placed 2% of their paycheck

    in a savings account. Two sets of participants were given two different offers, one where they

    were given the option to invest 2% of their income immediately, and another group was given

    the option to invest 2% of their income after a year. Only 30% of the first set of participants

    agree to invest immediately, while 77% agrees if the investment will start a year later. The

    professors found that participants were more likely to enroll in the savings plan when the

    enrollment date was set in the distant future rather than in the present. This study reveals that

    people tend to value immediate benefits over future ones, leading to procrastination on

    behaviors that are good for us in the long run. Behavioral economists call this concept time

    inconsistency. To avoid procrastination, people need to find ways to make their present

    selves act in the best interest of their future selves. One way is to make the rewards of long-

    term behavior more immediate. By visualizing the benefits of good long-term choices, we

    can pull the future payoff into the present moment in our minds. Another way is to make the

    costs of procrastination more immediate. This can be achieved by setting a public deadline,

    placing an expensive bet on your behavior, or creating a physical consequence for your

    behavior. Finally, we can identify and remove procrastination triggers from our environment.

    By creating a space with better choice architecture, we can make it easier to make the right

    choices.

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