Word: karlan
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Samson G. Stein ’10 will lead Yardfest, while Robert E.T. Tainsh III ’10-’11 will head the welcome back celebration and Jocelyn G. Karlan ’12 will manage the fall pep rally...
...site relies on the honor system, and with a self-reported 70% success rate among users who pledge money, only $116,000 is scheduled to be paid out in 2009. (For various reasons, disbursements to charities are made in lump sums at the end of the year.) Karlan knows there are cheaters among the site's 50,000 users, and Sisson admits that she is one of them. She says she lied in 2008 about achieving her goal of losing 25 lb. in three months so she wouldn't have to cough up the $200 she had pledged...
That makes it tough for Sisson to cheat, which she says is a "good thing." Last year, she signed up for stickK.com, a site founded by Yale economics professor Dean Karlan, whose research has shown that signing commitment contracts and publicly announcing a goal helps people stick to it. (The extra K in stickK is shorthand in legal writing for "contract.") Users are not required to wager any money when they sign up, but the serious ones do. Some 30% fork over their credit card information upfront and specify how much money should be automatically charged if they fail...
Telling your friends about your goal and staking some money on your success is a powerful combination. Says Karlan: "It increases the price of vice and lowers the price of virtue. We think of it as Facebook with a purpose...
...Eventually, a helicopter spotted the three missing students after missing them on an earlier pass, Karlan's mother said, noting that cold weather, rain, and fog may have hampered the efforts. She emphasized that the U.S. Embassy and the Ecuadorian government put together a highly coordinated effort to find the students, sending out search teams by foot as well. Karlan and her companions had been staying in the indigenous village of Otavalo working with local children as part of the humanitarian group Village Education Project. Her mother said that the trip was originally planned as a day hike...