Why are markets in exercise discipline imperfect?
Exercise is statistically correlated with better health, but weight is not. That suggests you should exercise more. Furthermore some exercise is much better than no exercise at all, so you can be happy with a modest achievement. Why don’t we rely more on markets to force ourselves to exercise? Post a bond with your friend, your spouse, your exercise partner, or someone you won’t (or can’t) lie to. You lose the money if you don’t exercise according to a pre-arranged plan with well-defined quantitative goals. If need be, I will serve in this role and cash your check when it comes in the mail (hey, would you lie to your blogger?). Or why not have the gym collect a bigger upfront fee, and they pay you each time you show up and complete an exercise program under their supervision? What are the problems with these arrangements? 1. The roles of friend or spouse do not mix with that of “Enforcer.” That being said, I bet your spouse is willing to enforce her requirements on you. And surely she
