Lecture Notes: Maximizing Willpower with Behavioral Economics

Introduction

• Problem Statement: People struggle to maintain habits like exercising, reading, quitting smoking, losing weight.
• Previous Solutions: Habit videos didn't work for some.
• Promise: A new, more effective solution is introduced.
• Solution: Behavioral Economics & 'Nudge: Final Edition' to change life.
• Modes of Brain: Conscious and Subconscious.

Key Concepts

Modes of Brain

• Conscious Mode: Manual Operations
  • High energy consumption
  • Inefficient for many tasks
• Subconscious Mode: Automatic Operations
  • Low energy consumption
  • Efficient, quick, but prone to error

Behavioral Economics

• Nudge: Uses subconscious errors to prompt actions, e.g., framing self-introduction to avoid prejudice.
• Practical Use of Modes:
  • Balance use of both modes for efficiency.

Strategies to Enhance Self-Control

1. Simplification Strategy (Structuring Complex Selections):

   • Eliminate minor obstacles (e.g., shortening menus).
   • Simplify workout plans to avoid decision fatigue.

2. Default Strategy:

   • Create environments where desired behavior is the default.
   • Embed new habits into existing routines (e.g., showering at the gym).

3. Forecast Error Strategy:

   • Plan for unexpected obstacles (e.g., oversleeping, weather).
   • Develop scenarios and responses for emergencies.

4. Feedback Strategy:

   • Provide immediate feedback to prevent errors (e.g., reminders).

5. Incentive Strategy:

   • Use both incentives and disincentives.
   • Bet or create contracts to ensure accountability.

6. Mapping Strategy:

   • Anticipate outcomes through data collection (e.g., tasting corners, game demos).
   • Gather detailed facts on the benefits of habits.

Conclusion

• Application: Use strategies collectively for better habit formation.
• Customization: Adapt techniques to personal situations.
• Call to Action: Stop self-blame; use learned strategies with provided tools.