Economics can help you lose weight!
The Sydney Morning Herald had some interesting news for me this morning. I could lose weight just by using economics. It was a shock, I can tell you. After consideration of the Atkins diet, several gym memberships and much repentance after every food binge, I’m happy to look somewhere else for advice on how to lose the spare tyre.
Apparently economists are starting to turn their minds to diagnosing the odder aspects of our psyche. Jessica Irvine wrote in the ol’ SMH this morning about economists’ new research into the causes of obesity. It’s taken economists a while to come to terms with the irrationality of humanity, but it looks like empirical research has come to their rescue once more.
Empirical research has shown that proximity to fast food is more likely to make us obese. It makes sense; I’m not going to drive half an hour to get a burger but I will eat one if it’s at the train station. I do like having common sense ideas supported by research however, and in this instance the researchers suggested that banning fast food outlets from close proximity to schools would significantly improve obesity rates among kids.
Similarly, some clever folk at Stanford found that displaying calorie counters does have an effect on purchasing behaviours. Apparently, people choose lower calorie food when the cold hard facts of the matter are in front of them. I’ve told myself every time I put on a few kilos that environment and information matter, and it turns out that research is totally with me on this one. My relief, I can tell you, is palpable.
Economics is obviously very interested in the whole losing weight business (and why not, it’s worth about $40 billion a year in America). Inspired by this morning’s article, I decided to do some research on the links between economics and weight loss. If you’re keen, why not follow the lead of Yale Professor of Economic Dean Karlan, who signed a contract to pay $1,000 every week he didn’t drop one pound? Sure enough, he lost 10 pounds and kept his money.
StickK – Lose weight or lose your money!
This has been turned into a business, StickK. You set a goal and the stakes, and set up a binding contract that will ensure you fulfil it or donate the money to charity. Tim Harford, author of The Undercover Economist, signed one himself to complete 200 push-ups and 200 sit-ups per day. In this article, he says that the contract (and the chance of losing $1000 to charity) was the only reason he fulfilled it.
Michael Rosenwald at the Washington Post was in the process of getting his wife to pay him $5 for every pound that he lost. In the process of chatting to Barry Nalebuf, a game-theory economist at Yale, he was informed that research has proven that people are much less willing to lose money (hence the StickK theory) than gain it.
People will tell you it’s all about discipline. Just like saving, the best and most straightforward way is to be disciplined- eat right, exercise. But if you need something more than that, maybe looking to economic theory might just be the ticket.
If only economic theory could now turn it’s academic genius powers to the search for my very own Mr. Darcy, I might have gotten economics to solve all my problems.
Do you think economics could help you lose weight?
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