#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? Like, share, subscribe and enjoy!Clint