We investigate determinants of price expectations and satisfaction levels of financial professionals and students. In experiments with 150 professionals and 576 students, we systematically vary price paths according to the final return (positive or negative) and the way the final return is achieved (upswing followed by downswing or vice versa). Professionals show the most optimistic price expectations and are most satisfied if assets fall in price first and then recover. In addition, professionals' price expectations are highest after positive returns. Among students, qualitatively similar patterns emerge, but professionals' price expectations are less prone to framing effects.

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We conducted two large-scale, highly powered randomized controlled trials intended to encourage consumer debt repayments. In Study 1, we implemented ve treatments varying the design of envelopes sent to debtors. We did not nd any treatment e ects on response and repayment rates compared to the control condition. In Study 2, we varied the letters' contents in nine treatments, implementing factorial combinations of social norm and (non-)deterrence nudges, which were either framed emotively or non-emotively. We nd that all nudges are ine ective compared to the control condition and even tend to induce back ring e ects compared to the agency's original letter. Since comparable nudges have been shown to be highly e ective in other studies, our study supports the literature, emphasizing that the success of nudging interventions crucially depends on the domain of application.