Productivity technique where individuals pledge to achieve specific goals with financial or social stakes. Success rates increase from 42.7% without stakes to 82.8% with money at risk, and 87.1% when money goes to a disliked charity upon failure.
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Commitment contracts are agreements where individuals pledge to achieve specific goals, often with penalties for failure and rewards for success. Research shows dramatic improvement in success rates when financial stakes are involved.
Harvard Business Review study on StickK platform found:
Leverages loss aversion - humans are more motivated to avoid losses than gain rewards. Losing money hurts more than gaining the same amount helps.
StickK and Beeminder are leading platforms for creating commitment contracts with financial stakes.
Free to create contracts, you only risk the stakes you voluntarily set.