Ian Ayres brings the central insights of behavior economics alive through sustained story telling. His latest book "Carrots and Sticks" teaches about the personal lives of men and women who have used these insights to their advantage, as well as how they are being used by business. Professor Ayres has published more than nine books and more than 100 articles on a wide range of topics, including the New York Times and Wall Street Journal Business bestseller “Super Crunchers."
Behavioral economics can help us supercharge incentives by identifying when carrots are likely to work better than sticks. Though losses may loom large, sometimes contingent rewards can be even more effective. "Carrots and Sticks" show when contingent rewards work better than punishments, and where contracts work best with both carrots and sticks—punished if you fail as well as rewarded if you succeed. For example, some dieters have been entering into pari-mutuel commitments to lose weight, where they forfeit money if they fail to lose weight, but potentially receive the forfeiture of others who fail to lose. Some stop-smoking contracts also have this feature.
This free event was presented in collaboration by the Yale Club of Nevada, UNLV Boyd School of Law, and the law firm Greenberg Traurig, LLP.
Ayres, Ian, ""Carrots and Sticks": The New Science of High-Powered Incentives" (2010). Continuing Legal Education (CLE) Lecture Series. Paper 4.