“Pay if I meet my goal” makes no sense economically or motivationally. It only sounds good to people who don’t want to risk anything. If you want to do a non-punishing version, or let people use their own incentives when they fail, just charge a per-goal fee up front, or a time-based fee.
Hm, 50-to-1 is a bit of an exaggeration? It says “up to 50-to-1”, and in the same paragraph, “bettors lose 80 percent of the time”. Your point besides that stands, though.
What about some loose social pressure around that?
Like, a special donors list of “kept on track for 6 months and then donated”, or merch you can buy after so long without slipping, or something… Make it an achievement, and let people pay for extra recognition of it.
Wow, thanks, Alicorn! That just made my much more convoluted reply moot. :)
One more way to possibly mitigate the incentive problem:
http://beeminder.uservoice.com/forums/3011-general/suggestions/2281088-choose-your-own-incentives-have-an-option-to-pay-
...which is also crazy for a business. Bear in mind that there is a reason that bookies offer 50-to-1 odds on people meeting their weight loss goals.
“Pay if I meet my goal” makes no sense economically or motivationally. It only sounds good to people who don’t want to risk anything. If you want to do a non-punishing version, or let people use their own incentives when they fail, just charge a per-goal fee up front, or a time-based fee.
Hm, 50-to-1 is a bit of an exaggeration? It says “up to 50-to-1”, and in the same paragraph, “bettors lose 80 percent of the time”. Your point besides that stands, though.
What about some loose social pressure around that?
Like, a special donors list of “kept on track for 6 months and then donated”, or merch you can buy after so long without slipping, or something… Make it an achievement, and let people pay for extra recognition of it.