Wednesday, July 26, 2017

The incentives to exercise problem... economists solved it

Remember my utter shock at the idea that undergraduate social science students could actually get something useful out of first-year economics classes?

The idea being that if you do a study where you offer to pay people $30 for 9 exercise sessions, then of course they're not going to exercise more because you're not paying them enough to meet their reservation price?

Thus social science studies that pay a tiny amount to participants should expect to get little to no result?

Well, this year I had a really great summer prof who actually engages with students, and he's let me know that economists did already talk about this:

Gary Charness & Uri Gneezy - incentives to exercise.

The reservation price for exercise is around $50-$75/hr.

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