The 4-Hour Body - An Uncommon Guide to Rapid Fat-Loss, Incredible Sex, and Becoming Superhuman - Timothy Ferriss
$15 would be taken back if they lost a subsequent auction; the second group was told they'd be
given $15 if they won the auction; and the third group was a control with no incentive. The rst
group routinely overbid the most.
Participating economist Eric Schotter explained the results:
Participating economist Eric Schotter explained the results:
Economists typically attribute excessive bidding to risk aversion, or the joy of winning.
What we found is that the actual cause of overbidding is a fear of losing, a completely new
theory from past investigations.
This is not a depressing realization. It's a useful one. Knowing that potential loss is a greater
motivator than potential reward, we can set you up for success by including a tangible risk of
public failure. Real weight-loss numbers support this. Examining random 500-person samples
from the 500,000+ users of DailyBurn, a diet and exercise tracking website, those who compete
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