The disposition effect is regarded as a property of an individual stock: If an investor has made a loss on a stock, he or she is less likely to sell it, whereas if an investor has made a gain on a stock, he or she is more likely to sell it. This means that the more stocks in a portfolio are in...

We run a field experiment and a survey experiment to study an active choice nudge. Our nudge is designed to reduce the anchoring of credit card payments to the minimum payment. In our field experiment, the nudge reduces enrollment in Autopaying the minimum from 36.9% to 9.6%. However, the nudge...