#58- Stuck In a Rut? Here's How to Kickstart the New You in Eight Weeks

Recently I conducted a bit of a social experiment at the gym. Nine clients of mine took part in what we called a Nudge Challenge. This phrase is coined from a behavioural economics book called Nudge by Richard Thaler and Cass Sunstein. 

I modified the nudge to the following:

1. Decide- Figure out what you want to achieve.

2. Deadline- Agree on a time within which you want to achieve it.

3. Declare- Mention it to friends and family.

4. Detract- Include a negative consequence should you not meet your objective.

Long story short, eight of the nine people met their goals and the black sheep still improved tremendously. 

Take a listen and check out the chapters below:

00:00- Intro 
01:00- Model for behaviour change 
02:30- Results of the challenge 
03:30- Nudge Theory 
04:30- Choice architecture 
05:30- Bounded Rationality 
05:45- Libertarian Paternalism 
06:00- Prospect theory 
07:00- Heuristic and biases 
07:35- Herd behaviour 
08:45- Loss aversion 
08:55- Reference points 
11:30- Value of accountability 
12:20- When should you engage in a nudge 
13:35- The cost of inaction 
14:50- Restructuring of priorities 
16:00- Is it a long-term solution? 

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Clint