If you set a New Year’s resolution, you’re in good company. Surveys suggest that about a third of people outline one or more goals for the new year. The problem is that only about one in 10 can stick with them.

So how do you make a resolution that will stick? The first step is to apply a core principle of economics: You should do things only when the benefits exceed the costs. That may seem obvious, so the trick is in the systematic thinking which ensures that you follow through with this obvious advice.

Bloomberg Opinion