Josh Barro, Economics and Working Out

How many of you have ever had a gym membership? And if you had one, for how long did you attend? Further, did you get your money’s worth from that membership? There are economists and corporations attempting to figure out how to get people to continue their attendance and workouts because of the high discontinued or failure rates. Studies have shown that people discontinue in great numbers. Just think what a gym facility would be like, if everyone attended. It would not be fun, as you’d likely be waiting for that machine or free weight.

Economists have come up with incentives to see if they can motivate people to continue their workouts. Certainly paying for a gym membership upfront doesn’t seem to work. One study gave undergraduates free iPods loaded with audiobooks of their choice. The students were told they could listen to them only at the gym. Initially, that worked for a while [for about seven weeks]. In another study, with a Fortune 500 company, the employees were paid $10 per visit up to three times a week to work out. Then after four weeks there were no payments but the workers were offered a contract. The contract set aside their own money that would be released to them only if they worked out over the next two months. Otherwise, that money would be given to charity. Those that had commitment contracts worked out after three years [about 20% worked out more than those that hadn’t been offered cash or any other incentive.] So, this worked for 20% of those employees. The researchers concluded that self-funded payments seem to be able to change workout habits for some people. The New York Times, January 11, 2015.

For me, an iPod; $10 per visit; or some commitment contract in and of itself would likely not work. I like goals. My goal has to be relevant, concrete, and attainable by me alone and easily measured. For example, for the last 12 or more years, my goal has been to run at least 50 miles per week. That week could be one to seven days [this week I ran over 50 miles in five days]. I decide where to run and what day to run. All I have to do is total the number of miles per day. If I’m ill, or go on vacation then I don’t worry about my mileage total that week.

That goal has been relatively “easy” to attain. Since it’s a sub goal for competing in some running, riding event, or for my physical and mental health. The running goal is also related to running and competing with friends. In essence, running meets a number of motives [Often I clear my head, while running, and even write a post in my mind.] Running for just an iPod or money does not appeal to me.  It’s been said that if you enjoy something, it’s better than having to make money while doing it. I agree.

Don’t forget to keep moving, laughing, smiling, bonding, loving and appreciating in the process.