$1200 Using Economics to Lose Weight Gamble - Details

I am a total "big-picture" kind of guy, so until today I hadn't really worked out any of the details. So here they are:

1. I will be giving all the money directly to my sponsors, so they can donate the money to their chosen charity (if they chose a charity). The reason is that by doing so, they will get the tax-writeoff and not me. I figure they deserve something for their troubles. Plus I don't want to be able to use the rationalization "well, I might fail, but at least I'll get a break at tax time". No breaks for me!



2. To measure body fat %, I will be using my bathroom scale that has that feature. While it is accurate it is not that accurate and there are some day-to-day fluctuations. To make sure I don't win or lose the bet due to measurement error, I will be comparing the average total from the first week of each month. So for March, I need to lose at least 1 percentage point of bodyfat from the period March 1-7 to the period April 1-7.



3. I am working on a way of verifying the results that don't involve my wife taking pictures of me, wearing boxer shorts, standing on a bathroom scale. Because nobody needs to see that.

I was planning on posting who each of the twelve blogs chose as their recipients, but I am still waiting to hear back from a couple blogs. So it will have to wait until early next week.

If you want to cheer me on at StickK.com, my three March contracts are here, here and here.

Why am I using StickK and fining myself for failing to lose weight? See: How Economics Can Help You Keep Your New Year's Resolutions.