Explore the vast range of titles available.

This study investigates the impact of tactile impressions on consumers' willingness to pay (WTP) for smartphone covers with varying surface textures. While prior research has examined visual and auditory cues in consumer behavior, the commercial relevance of surface texture remains underexplored. Therefore, we analyze how WTP varies across texture types and reference price conditions and examine the demographic, socioeconomic, and behavioral factors influencing valuation. Data were collected from 387 respondents at a major shopping mall, where participants evaluated four surface textures (A-D) under two reference prices (100 yen and 1,000 yen). Ordinary Least Squares (OLS) regression was used to assess associations between consumer characteristics and WTP. The results show that WTP increases with higher reference prices, indicating a price anchoring effect. Men, unmarried individuals, and those exhibiting hyperbolic discounting demonstrated higher WTP for certain textures. However, risk preference, smartphone usage, and impatience were not significant predictors. These findings suggest that firms can position textured products at premium price points and employ sensory marketing strategies, such as in-store trials, to enhance consumer engagement. This study contributes to the literature by integrating tactile marketing with behavioral economic theory, offering novel insights into joint influence of sensory cues and time preferences on consumer valuation.

[This corrects the article DOI: 10.1371/journal.pone.0338004.].

Panic selling causes long-term losses and hinders investors’ return to the market. It has been explained using prospect theory aspects such as loss and regret aversion. Additionally, overconfidence and overreaction contribute to the disposition effect, leading investors to sell stocks prematurely. However, the framing effect, another disposition effect attribute, has been underexplored in the context of panic selling. This study investigates how the framing effect influences panic selling, particularly during market crises, when investors perceive information differently, depending on its positive or negative framing. Utilizing data from a collaborative survey, we examine Japanese investors’ behavior during the COVID-19 market crisis. Negative framing is negatively associated with complete or partial sale of securities, whereas positive framing has the opposite effect. During market crises, investors presented with negative framing are less likely to panic sell, whereas those presented with positive framing are more prone to it. Other significant factors include gender; men tend to engage more in panic selling. Conversely, higher education, financial literacy, and greater household income and assets are associated with a reduced likelihood of panic selling. These findings underscore the critical role of framing in investor behavior during market crises, providing new insights into the mechanisms underlying panic selling.

Hyperbolic discounting, a key determinant of intertemporal behavior, captures individuals’ preferences for smaller immediate rewards over larger delayed ones. This study examined how hyperbolic discounting influences investment loss tolerance using a large-scale dataset of Japanese investors. Loss tolerance is defined as the extent of financial loss that an investor is willing to endure before changing their investment strategy. Although hyperbolic discounting shapes intertemporal investment decisions, its role in explaining loss tolerance remains largely unknown. Using a large dataset from the “Survey on Life and Money” comprising 107,294 observations and employing ordered probit regression, we found a significant negative relationship between hyperbolic discounting and investment loss tolerance: investors exhibiting stronger hyperbolic discounting are more likely to exit positions prematurely during market downturns, despite potential long-term recovery. The estimated marginal effect (−0.070 ***) underscores the economic significance of the association between hyperbolic discounting and loss tolerance. These results provide evidence that time-inconsistent preferences not only shape intertemporal choices but also reduce resilience to financial losses. The findings carry important implications for investors, highlighting the value of commitment mechanisms and education programs to counteract short-termism, and for policymakers seeking to design behavioral interventions that promote stable, long-term participation in financial markets.

This study builds on the concept of loss tolerance by introducing investment grip, a behavioral interpretation that captures investors’ commitment to long-term objectives under adverse market conditions. While loss tolerance traditionally measures the maximum financial loss an investor can withstand, investment grip focuses on the behavioral and psychological dimensions of maintaining long-term investment objectives when facing short-term setbacks, thus providing a more behaviorally grounded and operationalizable approach for evaluating client risk profiles. The investment grip framework integrates insights from self-control theory, emotional regulation research, and goal-commitment models. Using data from 92,792 Japanese retail investors in the 2025 “Survey on Life and Money,” we examine how gain-framed and loss-framed messages are associated with investment grip, controlling for digital financial literacy and demographic, socioeconomic, and psychological factors. Our findings reveal that loss framing is robustly associated with stronger investment grip, whereas gain framing demonstrates no statistically meaningful effect. These findings offer new insights into Japanese household financial behavior, explaining why conservative savings patterns persist despite the availability of better investment alternatives. The results underscore the role of information framing in shaping household investment behavior, with implications for investor protection and financial communication policy.

Given the substantial changes in health and safety protocols and economic activities over the past year, socioeconomic routines have returned to a state of normalcy. Therefore, it is important to conduct a longitudinal study to determine whether these recent changes have left a lasting imprint on loneliness, specifically among those who have experienced post-pandemic loneliness in previous years. We investigated the incidence of loneliness and the risk factors associated with it during the post-pandemic period using recent data. We utilized longitudinal data spanning from 2020 to 2023 and employed mean comparison tests and weighted probit regression models in this analysis. Our study reveals that loneliness continues to be a notable issue, with persistent, post-pandemic, and recent loneliness rates of 47.6%, 4.3%, and 2.2%, respectively. We also observed a slight reduction in both persistent and post-pandemic loneliness compared to the previous year. Younger people continued to experience higher persistent loneliness rates, with no significant age or sex differences in post-pandemic or recent loneliness. Various factors, such as demographics, socioeconomic status, and psychological factors, influence loneliness differently across sexes and age groups. The policy implications include ongoing monitoring, targeted interventions, and support for specific demographic and socioeconomic groups to address post-pandemic loneliness for the sustainable management of the loneliness issue in Japan.

Investment loss tolerance refers to an investor’s willingness to hold financial instruments after experiencing value declines and is considered essential to long-term investment success. Financial literacy, comprising financial knowledge, attitude, and behavior, has been widely identified as a key factor in promoting rational financial decisions. A recent study by Homma et al. suggests that the three components can help prevent panic selling during market crises, such as the COVID-19 pandemic. However, that study relies on binary behavioral indicators within crisis-specific contexts, limiting the generalizability of their findings. To address these gaps, the present study quantitatively measures investment loss tolerance using a generalized hypothetical loss scenario and investigates the associations of financial literacy components. Using a large-scale dataset of 161,223 active investors from one of Japan’s largest online securities firms, we conducted ordered probit and probit regression analyses while controlling for demographic, socioeconomic, and psychological factors. The results reveal that financial knowledge, attitude, and behavior all have statistically significant positive effects on investment loss tolerance. These findings indicate that financial literacy enhances investors’ capacity to withstand losses and discourages premature asset liquidation, even outside crisis-specific contexts. The evidence supports policies aimed at improving financial literacy to foster more resilient investor behavior and promote long-term financial well-being.

In the context of Japan’s rapidly aging population, people’s anxiety about life after 65, especially regarding financial sustainability, has become a growing concern. This study examines old age anxiety through the lens of digital financial literacy (DFL), which can significantly impact people’s retirement well-being and long-term financial security in today’s digital environment. Drawing on a large-scale dataset from the “Survey on Life and Money,” jointly conducted by Rakuten Securities and Hiroshima University, we analyze responses from 94,695 individuals aged 40 to 64 who are active bank account holders. Based on ordinal logistic regression, our findings reveal a negative association between DFL and old age anxiety. Further analysis of the five dimensions of DFL demonstrates that several practical components, such as digital financial know-how, decision-making abilities, and self-protection skills, are associated with alleviated old age anxiety. In contrast, a reliance on basic financial knowledge and general awareness alone may exacerbate anxiety. These findings underscore the need to move beyond basic digital awareness and focus on promoting practical skills in digital finance, ultimately supporting better financial decision-making and enhancing overall well-being in older age.

This study investigates whether the present bias influences the payment behavior of credit card holders in Japan. We hypothesize that credit card holders with present bias prefer to delay bill payment, even at the cost of accepting interest charges. To test this hypothesis, we utilize a dataset comprising 128,032 observations from a leading securities company. Our analysis reveals that a significant number of respondents indeed delayed credit card bill payments, suggesting a potential association with present bias behavior. Probit regression models further confirm the link between impatience, impulsivity, and credit card payment behavior. Specifically, impatience and impulsivity exhibit a positive association with credit card payments, indicating that impatient and impulsive credit card users are more likely to postpone payment, even when interest charges are incurred. The implications of this study extend to both credit card users and issuers, highlighting the influential role of impulsivity in the timely payment of bills. This study investigates how present bias affects credit card payment behavior in Japan. Analyzing 128,032 observations from a major securities company, it finds that impatient and impulsive users are more likely to defer payments. The findings of this research have crucial implications for both credit card users and issuers. For users, understanding the role of impulsivity in payment behavior can lead to more informed financial decisions and strategies to avoid unnecessary interest charges. For issuers, recognizing the patterns of present bias can inform the development of products and policies aimed at encouraging timely payments, ultimately benefiting both parties. This study contributes to the literature by providing empirical evidence on the time-inconsistent behavior of Japanese credit card holders and underscores the need for tailored financial education and interventions to mitigate the effects of present bias in financial decision-making.

Smartphone use during the active phase of the COVID-19 pandemic emerged as a crucial means of facilitating communication when strict physical distancing was recommended. Previous studies conducted during the pandemic have suggested that smartphone use contributes to reduced loneliness. However, the influence of smartphone usage on the experience of loneliness in the aftermath of the active phase of the COVID-19 pandemic, also referred to as the post-COVID era, remains unclear, particularly because many physical communication restrictions were lifted during this period. To explore the association of smartphone use with the experience of loneliness in the post-COVID era, we analyzed the latest data from 2022 and 2023, when the COVID-19 pandemic gradually concluded. Our findings revealed that, in 2023, smartphone use increased the risk of loneliness among individuals aged 50–64 years. Conversely, among the younger generations, increased smartphone use was associated with decreased loneliness. The results of our study suggest that smartphones can serve as a significant tool for alleviating loneliness among the younger generations during the post-pandemic period.