Sounds like a friend I have
Daniel Reeves
Date: Fri, May 13, 2011 at 11:32
Subject: Re: Sounds like a friend I have
Ah, thanks David, I remember reading that! I don't think I'm akratic
in my spending (I'm too rich to care?) but it may be the most
(literally) costly manifestation of akrasia: impulse purchases that
crowd out more important spending like vacations, or paying down
high-interest debt.
Which reminds me, you should answer my straw poll about commitment
devices if you haven't:
http://beeminder.com/commitpoll.html
As for the self-control credit card, I recall that the bank Ariely
pitched it to ultimately decided to pass on it. Note the similarity to
Christmas Club aka Santa Saver bank accounts though.
On Fri, May 13, 2011 at 11:18, David Yang wrote:
> from predictably irrational
>
> A FEW YEARS ago I was so convinced that a “self-control” credit card was a
> good idea that I asked for a meeting with one of the major banks. To my
> delight, this venerable bank responded, and suggested that I come to its
> corporate headquarters in New York.
>
> I arrived in New York a few weeks later, and after a brief delay at the
> reception desk, was led into a modern conference room. Peering through the
> plate glass from on high, I could look down on Manhattan’s financial
> district and a stream of yellow cabs pushing through the rain. Within a few
> minutes the room had filled with half a dozen high-powered banking
> executives, including the head of the bank’s credit card division.
>
> I began by describing how procrastination causes everyone problems. In the
> realm of personal finance, I said, it causes us to neglect our savings—while
> the temptation of easy credit fills our closets with goods that we really
> don’t need. It didn’t take long before I saw that I was striking a very
> personal chord with each of them.
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Daniel Reeves
Date: Fri, May 13, 2011 at 11:37
Subject: Re: Sounds like a friend I have
Ive never thought of you as an akratic spender - in fact I think youre
probably more rational than I am with my various hang-ups around
buying certain. things and propensity to underspend relative to my
purchasing power (a statement that my mother would probably disagree
with) I was referring to the entrepreneurial spirit and excitement of
areily to pitch an idea to one of the big banks :)
The book is really fascinating with it's various anecdotes, should be
required reading for all future hires of beeminder :)
Sent from my iPad