Abstract
Ashraf, Karlan, and Yin offered a savings account that limited withdrawals and found that clients who opened it saved more than those who did not. The mast is a restriction you accept in advance. It is not a measurement of a room without your clothes.
Ashraf, N., Karlan, D., & Yin, W. (2006). Tying Odysseus to the mast: Evidence from a commitment savings product in the Philippines. The Quarterly Journal of Economics, 121(2), 635–672. DOI
Key findings
- Restricted account — A marketed product let clients choose a date or an amount before which withdrawal was barred.
- Higher balances — Clients who opened that account held higher savings balances than clients who were not offered it, over the study window.
Limits
Crossref confirms the 2006 Quarterly Journal of Economics record (121(2), 635–672). The product is a bank account in the Philippines. The paper does not time an unbought sweet, a laptop in another room, or a deadline you set for yourself with no third party. Pair with Ulysses pact for the bind, and keep the savings result inside this boundary.
Application
When you already know the hour you will defect, close one option before that hour — a restriction you cannot talk past — before you add a reason to be stronger.