Sounds like a friend I have

From: Daniel Reeves dreeves@gmail.com
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.


http://dreev.es – search://“Daniel Reeves”


http://dreev.es – search://“Daniel Reeves”

From: David Yang david.g.yang@gmail.com
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 :slight_smile:
The book is really fascinating with it’s various anecdotes, should be
required reading for all future hires of beeminder :slight_smile:

Sent from my iPad
On May 13, 2011, at 12:32 PM, Daniel Reeves dreeves@gmail.com wrote:

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.


http://dreev.es – search://“Daniel Reeves”


http://dreev.es – search://“Daniel Reeves”