Word: deposited
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Dates: during 2000-2009
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GMAC also has applied for TARP funding and is counting on the benefits of its new bank status. "We'll also be able to broaden our deposit base as a bank holding company. We'll have access to more funds by ramping up our deposit taking over the Internet," says GMAC spokeswoman Gina Proia...
...Lotteries have the powerful incentive of providing a variable reinforcement, with big payouts sometimes and smaller ones others," says Volpp. "For the deposit contract, the idea is that people are very averse to losing money. It's good to have some skin in the game...
...volunteers were then divided into three groups. The first group participated in a lottery program in which those who came closest to or exceeded the weight-loss goal received a variable cash prize determined by how many pounds they shed. The second group agreed to a deposit contract in which they anted up some of their own money as part of a pool. Those who lost the most weight split the pot; those who didn't drop enough weight lost their investment. The last group was given no financial incentive and relied on willpower and commitment alone. (See pictures...
...surprise who did best. At the end of the 16-week trial, the lottery group dropped an average of 13.1 lb., with 53% reaching the goal. In the deposit-contract group, the average weight loss was 14 lb., with 47% taking off 16 lb. or more. People in the no-incentive group logged an average weight loss of just 3.9 lb., with only 11% of them reaching the 16-lb. goal. As for the payouts? The winning lottery players walked away with an average of $272.80. The most successful members of the deposit group pocketed a cool $378.49, on average...
...lucky enough to be part of one of Volpp's studies or have an enlightened insurer or employer? Not a concern. Spouses, parents and friends can set up lotteries or deposit contracts for one another too. Or you can make it even simpler: give a trusted person $100 or so, with instructions that if you cheat on your diet or no-smoking pledge, the money be donated - in your name - to a political candidate or group you find objectionable (Greenpeace if you work for an oil company, for example, or an SUV club if you work for Greenpeace). Whatever...