The minimum payment warning, a notice that informs credit cardholders of the downside of making the minimum payment, has been described as a perverse nudge because it negatively affects those who would pay more than the minimum, presumably due to the anchoring bias. This issue is tackled in a massive field experiment by introducing a novel "statement balance warning." The experiment used email payment reminders that randomly added minimum payment or statement balance warnings.

An analysis of corporate income tax reveals a largely overlooked fact: statutory tax rates are higher in developing economies. In addition, statutory tax rates are procyclical in low-income economies, rising during downturns and potentially amplifying recessions. This paper develops a theoretical framework that reconciles these two phenomena.