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where they agree to achieve a certain goal, such as losing weight, exercising more, quitting smoking, or conserving energy. They sign a legally binding contract that will send their money to third parties, including either individuals (referred to as "Friend or Foe") or a number of organizations and
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The site also allows for referees—people selected by the user to help monitor the progress of their contract. When a user submits a report to the website, the referee is asked to confirm the accuracy of the report. Users are also allowed to designate other users and friends. Such people, known as
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The company was founded in New Haven in 2007 and subsequently moved to New York City. It was initially funded by a $ 150,000 investment from the three founders, and later raised about $ 2 million from a pool of investors in two rounds. The web site was launched in the beginning of 2008.
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products, offering corporations a co-branded version of StickK for the use of their employees or members. In May 2010, stickK.com launched Choose You, where individuals can write commitment contracts and have their friends or family pledge money to the
173:. During graduate school at M.I.T., Karlan and a colleague made a wager to lose 40 pounds each, and to referee one another so as to stay on target. Their service draws on their experiences and two principles from behavioral economics,
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charities. If users pick "Charity" as a recipient of their forfeited money, stickK selects the charity for the user. Users can also pick a specific organization whose views they oppose referred to as "
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According to
Goldberg, users who put money on the line and have a referee tend to do best. 78% of these users achieve their goals, as compared to only 35% who put no money down.
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Usage of the site is free for individual users, with the initial business plan involving advertising revenues. The company later created non-free
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According to Karlan, the company's name comes from 'stick'ing to it, and the second K is the legal shorthand for a contract. It also refers to
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Nudge: Improving
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350:"Dieting? Put Your Money Where Your Fat Is"
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280:Ayres, Ian (2010). "A Commitment Store".
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737:Sittenfeld, Linda R. (March 11, 2008).
536:Sunstein, Cass; Richard Thaler (2008).
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455:"Self-help: How to buy a will of iron"
387:"An idea for Lent – Carrot and stickK"
779:Online companies of the United States
635:Wouters, Robin (September 30, 2009).
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228:programs in microsavings and health.
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676:Schweitzer, Sarah (April 15, 2008).
604:Pantin, Travis (November 23, 2007).
575:"Put Your Money Where Your Girth Is"
502:Grimshaw, Jeff; Gregg Baron (2010).
704:Appel, Jacob; Karlan, Dean (2011).
678:"A Web contract for personal goals"
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606:"How Yale Professors Lose Weight"
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205:if the contract is fulfilled.
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542:. Yale U Press. p. 46.
423:"StickK To Your Commitments"
284:. Bantam. pp. 166–189.
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505:Leadership Without Excuses
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712:. Dutton Press. pp.
708:More Than Good Intentions
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187:Yale School of Management
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185:, then a student at the
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19:For other uses, see
319:"Make A Commitment"
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282:Carrots and Sticks
179:time inconsistency
67:Brooklyn, New York
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83:Founder(s)
362:0362-4331
262:June 2008
171:Ian Ayres
92:Ian Ayres
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116:Launched
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