Search Results (239)

The rapid rise in cryptocurrencies has created an investment environment marked by unprecedented levels of information volume, fragmentation, and volatility. While prior research has examined drivers of trust and adoption in crypto markets, far less is known about the psychological consequences of information overload on investor decision-making. This study addresses this gap through nineteen semi-structured interviews with individual cryptocurrency investors, analyzed using an inductive, manually conducted thematic approach. Findings reveal four interconnected dynamics: decision fatigue and paralysis, heuristic reliance on influencers and peers, emotional strain characterized by anxiety and fear of missing out (FOMO), and diverse coping strategies ranging from selective filtering to withdrawal. These results demonstrate that crypto investing is not only a financial process but also a cognitively and emotionally taxing experience. By linking investor narratives to broader theories of decision fatigue, bounded rationality, and consumer vulnerability, the study contributes to interdisciplinary debates in marketing, behavioral finance, and consumer psychology. Practically, the findings highlight the need for clearer communication strategies, supportive platform design, and financial education initiatives that help investors manage cognitive strain and decision fatigue. In a market where credibility is fluid and decisions are often made under conditions of overload, understanding the psychological dimensions of investment behavior is essential. Full article

Emerging digital technologies are increasingly embedded in consumer-facing financial services, reshaping how users experience, evaluate, and engage with AI-mediated interactions. This paper investigates how the perceived sociality of AI Digital Human Advisors influences user experience in digital financial services. Sociality—defined as the extent to which users perceive an AI Digital Human Advisor as a socially capable actor (e.g., responsive, relational, and role-embedded) rather than a purely functional tool—was experimentally manipulated across four controlled behavioral experiments simulating interactions on financial platforms. The results from four controlled experimental simulations consistently demonstrate that, under controlled interaction conditions, high-sociality AI advisors significantly enhance both utilitarian and hedonic value. Social presence was found to partially mediate these effects, revealing the psychological mechanism through which social cues embedded in emerging AI technologies are transformed into experiential value. Furthermore, two boundary conditions were identified: communication style and usage context. Communication framed around task completion amplified the influence of sociality on utilitarian value, whereas interaction styles emphasizing social connection strengthened its effect on hedonic value. Likewise, purchase-related scenarios heightened functional perceptions, while browsing situations elicited stronger emotional responses. By situating AI Digital Human Advisors within the broader context of emerging digital technologies, these findings extend Social Response Theory into AI-mediated financial environments and provide insights into how technologically enabled social cues shape consumer experience and behavior in digital finance. Full article

As cross-border e-commerce expands in emerging economies, consumer participation increasingly depends on perceived transaction risk linked to digital payments, settlement, dispute resolution, and institutional enforceability. This study reconceptualizes online purchase intention (OPI) as a decision embedded in retail international finance. Extending the Theory of Planned Behavior (TPB), it integrates Internet Trustworthiness Behavior (ITB) and Country of Origin (COO) as risk-relevant signals shaping consumer judgment under cross-border uncertainty. Survey data from 390 digitally active consumers in the Dominican Republic were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The results indicate that ITB strengthens perceived behavioral control, attitudes toward online purchasing, and subjective norms, while also exerting a direct positive effect on OPI. COO emerges as a strong direct predictor of OPI, functioning as a heuristic indicator of country credibility when formal safeguards appear weak. Contrary to standard TPB expectations, perceived behavioral control negatively predicts OPI, suggesting that greater digital competence may heighten awareness of expected losses and limited recourse in high-risk environments. The findings advance international business and finance research by showing how micro-level trust practices and macro-level country signals jointly shape consumer risk management in cross-border digital markets, with implications for inclusive participation and consumer protection. Full article

Volunteer tourism is garnering growing attention across various fields, allowing tourists to both consume and co-produce tourism services. In agriculture, however, this remains underexplored, despite a worsening farm labour shortage due to ageing populations and a lack of successors, particularly in industrialised nations. This issue threatens farm productivity and food security. This paper addresses this research gap by examining paid volunteer tourism platforms in Japan. It presents a framework highlighting the co-creation of local tourism demand and analyses wage determinants across 138 farms. Results show that corporate farms engaged in direct sales offer higher wages, especially when prices are elevated or locations are remote, suggesting wage premiums reflect labour shortages. Accommodation and Wi-Fi provision depend on farm finances and unused facilities. Organic and GAP-certified farms offer lower wages, likely due to higher production costs, despite producing value-added goods. As platform-based paid volunteer tourism meets the needs of both farmers and volunteers, its prevalence is expected to increase. Full article

Drawing upon a quasi-natural experiment of the energy right trading policy, this study examines the mechanism through which the policy influences the resilience of enterprises in high energy-consuming industries. Using A-share listed firms in high energy-consuming industries in Shanghai and Shenzhen, China, from 2012 to 2023 as the research sample, we construct a difference-in-differences (DID) model to systematically analyze the policy’s impact on enterprise resilience. Results indicate that by setting initial quotas and permitting paid trading among firms, the policy significantly enhances resilience in high energy-consuming industries. This enhancement operates primarily through two channels: (1) reducing firms’ financing constraints, and (2) improving their energy-use efficiency. Moreover, the heterogeneity analysis indicates that the resilience-enhancing effect of the policy is more pronounced in coastal regions, in firms with higher relocation costs, and in firms with weaker profitability. Based on these findings, this paper proposes several policy recommendations, including improving the design of the energy-use rights trading system, optimizing the energy structure, and strengthening financial support for enterprises. These measures aim to promote green and low-carbon sustainable development, provide solutions to the transformation challenges of traditional high-energy-consuming industries, and contribute both theoretical and practical guidance for fostering high-quality economic growth. Full article

Digital technologies such as big data are reshaping resource allocation, raising interest in whether and how heterogeneous science and technology innovation (STI) policies can help unlock urban carbon lock-in. Using panel data for 286 prefecture-level cities in China from 2009 to 2023, this paper examines the relationship between heterogeneous STI policy intensity—classified as supply-side, demand-side, complementary-factor, and institutional-reform policies—and urban carbon unlocking efficiency. We develop a mechanism-based framework and empirically assess (i) the moderating roles of digital infrastructure, science and technology finance, and government green attention, and (ii) spatial spillover effects using spatial econometric models. The results show that all four policy types show a significant positive association with local carbon unlocking efficiency, with institutional-reform policies exhibiting the strongest association. When the four types are included jointly, only supply-side and demand-side policies retain statistically significant direct associations. Heterogeneity analyses indicate that demand-side, complementary-factor, and institutional-reform policies are more strongly associated with efficiency gains in low-pollution cities, whereas supply-side and demand-side policies have a stronger association in high energy-consuming cities. Mechanism analysis reveals that regional digital infrastructure exerts a selective moderating effect on the relationship between heterogeneous sci-tech innovation policies and urban carbon emission reduction efficiency. It positively reinforces the effectiveness of supply-side, demand-side, and institutional reform-oriented policies, while its interaction with complementary policies is statistically insignificant. Technology finance and government green policies function as a “resource catalyst” and an “institutional guarantee” respectively, significantly enhancing the correlation between heterogeneous sci-tech innovation policies and urban carbon emission reduction efficiency. Finally, carbon unlocking efficiency displays significant spatial dependence: the intensity of supply-side and institutional-reform policies is positively associated with carbon unlocking efficiency in neighboring cities, while complementary-factor policies exhibit a negative spatial association. Overall, the findings provide empirical evidence to inform the design and coordination of heterogeneous STI policy portfolios aimed at improving urban carbon unlocking efficiency. Full article

Background: Traumatic brain injury (TBI) is a leading cause of disability but one of the least recognized health problems in the world, affecting up to 69 million people annually. The associated lifelong disability in survivors, the loss of economic productivity, and being a risk factor for dementia consume 0.5% of global economic activity. Yet TBI is still largely invisible in national surveillance systems and not well represented in chronic disease frameworks. Consequently, governments are not equipped to provide proportional financing of acute care and long-term care of survivors, nor to build health care systems and resources for improving outcomes of TBI through policy frameworks targeting prevention, treatment, and equitable access. Objective: This commentary aims to provide a comprehensive picture of the global effort to formally recognize TBI as a notifiable and chronic condition, including the justifications for recognition, the formation of an international coalition of stakeholders, and the strategic plan for resolution at WHA79 of the World Health Assembly, one of the first concerted multinational efforts that occurred as a side event during the 78th World Health Assembly (WHA78) in May 2025. Methods: This commentary integrates information from epidemiological studies, global registries, and testimonies from people with lived experience of TBI. We analyze these data to develop policy needs and corresponding initiatives to address key needs. These include coordinated efforts to advocate change, such as technical briefings, consultations with stakeholders, and storytelling led by survivors, all of which informed and formed a part of the WHA78 side event. Our efforts have garnered wide, multi-sector support. Results: The WHA78 side event showed that ministries of health, neurosurgical, neurological, and rehabilitation societies, academic researchers, WHO representatives, and survivors all unprecedentedly support the recognition of the importance of TBI, facilitating national policies for its prevention and treatment via standardized surveillance. More than 30 non-governmental groups officially supported the campaign. A sponsoring member state made a public commitment to co-sponsor a WHA resolution, which set the stage for ongoing diplomatic progress and engagement across regions. Conclusion: To improve global brain health equity, access to long-term care, and the resilience of health systems, it is important to recognize TBI as a notifiable and chronic condition. A dedicated WHA resolution would make TBI a part of global health governance, making sure that it is counted, tracked, and dealt with as quickly and comprehensively as possible. It is both a technical necessity and a moral duty to help survivors and families and fight for justice in global health systems. Full article

There is an increasing number of academic and regulatory investigations into the behavioral and psychological implications of using Buy Now, Pay Later (BNPL) services due to their rapid growth. There have been extensive investigations into impulse purchases using BNPL services; however, there has been relatively little focus placed upon examining post-purchase regret associated with BNPL service use. The purpose of this paper is to present a systematic review of the extant literature investigating how BNPL service use relates to both impulsive purchasing behavior and post-purchase regret. A total of ten empirical studies were identified through a comprehensive search of the Scopus database according to the PRISMA 2020 guidelines, which were all published between 2018 and 2025. The results indicated that BNPL features, including deferred payments, perceived affordability, and urgency cues, are consistent predictors of both greater impulsive purchasing and lower levels of payment salience. The results of this review, however, reveal that many existing studies have failed to directly measure post-purchase regret and instead rely on proxy indicators, including financial distress, emotional discomfort, and decreased well-being. These findings, therefore, highlight a major theoretical and methodological void in the existing literature. In addition, by providing a synthesis of the current evidence base, this review aims to provide a clearer understanding of how BNPL features influence both consumer decision-making processes and post-purchase emotional responses; additionally, this review highlights the necessity for future research to utilize valid measures of regret, longitudinal designs and ethically informed analytical frameworks when investigating the psychological impacts of adopting BNPL services. Full article

The accelerating energy demands from artificial intelligence (AI) deployment introduce systemic challenges for achieving carbon neutrality. Large language models (LLMs) represent a dominant driver of AI energy consumption, with inference operations constituting 80–90% of total energy usage. Current energy benchmarks report aggregate metrics without domain-level breakdowns, preventing accurate carbon footprint estimation for workloadspecific operations. This study addresses this critical gap by introducing a carbon-aware framework centered on the carbon cost of intelligence (CCI), a novel metric enabling workload-specific energy and carbon calculation that balances accuracy and efficiency across heterogeneous domains. This paper presents a comprehensive cross-domain energy benchmark using the massive multitask language understanding (MMLU) dataset, measuring accuracy and energy consumption in five representative domains: clinical knowledge (medicine), professional accounting (finance), professional law (legal), college computer science (technology), and general knowledge. Empirical analysis of GPT-4 across 100 MMLU questions, 20 per domain, reveals substantive variations: legal queries consume 4.3× more energy than general knowledge queries (222 J vs. 52 J per query), while energy consumption varies by domain due to input length differences. Our analysis demonstrates the evolution from simple ratio-based approaches (weighted accuracy divided by weighted energy) to harmonic mean aggregation, showing that the harmonic mean, by preventing bias from extreme values, provides more accurate carbon usage estimates. The CCI metric, calculated using weighted harmonic mean (analogous to P/E ratios in finance, where A/E represents accuracy-to-energy ratio), enables practitioners to accurately estimate energy and carbon emissions for specific workload mixes (e.g., 80% medicine + 15% general + 5% law). Results demonstrate that the domain workload mix significantly impacts carbon footprint: a law firm workload (60% law) consumes 96% more energy per query than a hospital workload (80% medicine), representing 49% potential savings through workload optimization. Carbon footprint analysis using US Northeast grid intensity (320 gCO₂e/kWh) shows domain-specific emissions ranging from 0.0046–0.0197 gCO₂ per query. CCI is validated through comparison with simple weighted average, demonstrating differences up to 12.1%, confirming that the harmonic mean provides more accurate and conservative carbon estimates essential for carbon reporting and neutrality planning. Our findings provide a novel cross-domain energy benchmark for GPT-4 and establish a practical carbon calculator framework for sustainable AI deployment aligned with carbon neutrality goals. Full article

The rise of the circular economy and e-commerce has led to the emergence of e-commerce closed-loop supply chains (ECLSCs). In practice, investing in process innovation (PI) is key to improving profitability and competitiveness. However, manufacturers at the downstream of ECLSCs often face financial constraints and quality uncertainty of used products, while research on how to select financing strategies under these conditions remains limited. To explore the optimal financing scheme for the ECLSC, this study investigates two financing schemes: bank financing (BF) and FinTech platform financing (FPF), which offers a combination of debt financing (DF) and equity financing (EF). Some key findings are derived. For the ECLSC, the FPF scheme is more profitable when the unit manufacturing cost for new components exceeds the threshold or PI costs are relatively low. Additionally, the FPF performs better when the FPF interest rate is low and the DF ratio is high. The BF is more beneficial when consumer sensitivity to recycling prices or service is low. The FPF enables the ECLSC to achieve maximum profits and minimize environmental impact within a specific range. Furthermore, the financing models are extended to incorporate considerations of fairness, where the optimal financing scheme is primarily influenced by the manufacturing cost. Full article

The rapid diffusion of electric vehicles (EVs) is reshaping mobility markets and creating new opportunities for embedded financial services. This study examines consumer acceptance of embedded EV insurance, which refers to coverage bundled directly at the point of vehicle sale in Taiwan, China. Using survey data from 400 licensed drivers, we analyze how demographic factors and five psychological drivers—perceived savings, convenience, trust, expected satisfaction, and fairness—shape the likelihood of choosing embedded insurance over traditional stand-alone policies. Welch’s t-tests show that younger drivers perceive greater savings and convenience, while older drivers express stronger fairness concerns. Logistic regression results indicate that convenience (OR = 2.05) and perceived savings (OR = 1.76) substantially increase adoption likelihood, whereas fairness concerns reduce it (OR = 0.71). Theoretically, this study advances consumer behavior research by demonstrating how functional value perceptions (convenience and savings) and fairness evaluations jointly influence decisions in digitally mediated insurance contexts. It also contributes to embedded finance theory by revealing how insurance embedded within EV purchasing ecosystems reshapes consumer decision processes and alters traditional insurer–consumer relationships. These findings offer strategic implications for automakers, insurers, and policymakers designing consumer-centric embedded financial products in emerging mobility markets. Full article

Background/Objectives: Antimicrobial resistance (AMR) surveillance is a cornerstone of national AMR strategies but requires sustained, cross-sectoral financing. While the need for such financing is well recognized, its quantification remains scarce in low- and middle-income countries. This study aimed to estimate the full costs of AMR surveillance across the human health, animal health, and food sectors (2021–2030) in selected facilities in Nepal and generate evidence to inform sustainable financing. Methods: A bottom-up micro-costing approach was used to analyze data from five sites. Costs were adjusted for inflation using projected gross domestic product deflators, and probabilistic sensitivity analyses were conducted to assess uncertainty in laboratory sample volumes under four scenarios. Results: The total cost of AMR surveillance in Nepal was $6.7 million: $3.4 million for human health (50.3% out of the aggregated costs), $2.7 million for animal health (39.8%), and $0.7 million for the food sector (9.9%). Laboratories accounted for >90% of total costs, with consumables and personnel as the main cost drivers. Average cost per sample was $150 (animal), $64 (food), and $6 (human). Conclusions: This study offers the first robust, multi-sectoral 10-year cost estimates of AMR surveillance in Nepal. The findings highlight that sustaining AMR surveillance requires predictable domestic financing, particularly to cover recurrent laboratory operations as donor support declines. These results provide cost evidence to support future budgeting and policy planning toward sustainable, nationally financed AMR surveillance in Nepal. Full article

Sustainable transport innovation often faces funding gaps, as traditional public and private sources rarely support early-stage or high-risk initiatives. Crowdfunding, enabled by digital transformation, is emerging as a complementary financing mechanism for this sector. This study presents a literature review combined with bibliometric mapping to examine the evolving research landscape on crowdfunding in transport. Three research questions guide the analysis: RQ1—What are the dominant research areas at the intersection of crowdfunding and transport? RQ2—What types of transport projects are financed via crowdfunding? RQ3—What research gaps and future directions emerge for transport innovation financing? Findings reveal three core research areas: (1) Sustainability and finance, (2) Fintech and blockchain, and (3) Management and consumer behavior. We propose a typology of crowdfunded transport projects comprising five categories: (1) Large-scale transport infrastructure, (2) Sustainable local mobility, (3) Innovative start-ups, (4) New business models, and (5) Advanced systems and technologies. This demonstrates crowdfunding’s versatility beyond traditional infrastructure, supporting high-risk innovations critical for decarbonization and technological transformation. The study highlights domain-specific challenges—such as integrating PPP models with digital finance and ensuring investor protection—and emphasizes crowdfunding’s role as an enabler of low-carbon transition aligned with global climate strategies (EU Green Deal, SDGs). Despite its potential, investor safety remains a major concern. Policy implications include sandbox regulation, standardized risk assessment, and operationalizing PPP–crowdfunding hybrids to unlock large-scale and innovative transport projects. Full article

The digitalization of finance has accelerated the diffusion of FinTech and raised new questions about how AI, data security and blockchain shape consumer behaviour. This article examines current FinTech users, focusing on mobile banking, security perceptions, AI-enabled personalisation and trust in blockchain. A structured online survey of 191 adult users was analysed with descriptive statistics, chi-square tests and three multiple linear regression models. Results show that adoption is overwhelmingly mobile centric: 84.8% primarily use mobile banking applications, accessed almost exclusively via smartphones (96.9%). Data security is the dominant decision criterion, rated “very important” by 83.3% of respondents. While 70.1% believe AI can substantially improve the FinTech experience, trust depends on transparent explanations of how algorithms operate and on guarantees of personal data protection. Regression models indicate that usage intensity is higher among younger, higher-income users and those who perceive simplified interfaces as encouraging, whereas positive views of AI are broadly shared and not segment-specific. Trust in blockchain is linked to a pro-technology mindset rather than to socio-demographic or urban–rural differences. The findings highlight “secure convenience” and explainable AI as central conditions for sustainable FinTech engagement. Full article

Construction of new seawater reverse osmosis desalination (SWRO) plants in the state of California (USA) requires environmental permits containing rather strict conditions. The California Ocean Plan requires the use of subsurface intake systems (SSIs) unless they are deemed to be not feasible. The Governor of California requested that the State Water Resources Control Board (State Board) study the issue of accelerating the desalination plant permitting process and making it more efficient. The State Board formed an independent scientific Panel to study the issue of SSI feasibility and to submit a report. The Panel recommendations included the following: the feasibility assessment (FA) for SSIs should be streamlined for completion within a maximum of three years, and this requirement should be added to the Ocean Plan; applicants need to perform a financial feasibility study before pursuing SSI capacities exceeding 38,000 m³/d (10 MGD) for wells or 100,000 m³/d (25 MGD) for galleries because project financing may be denied for such larger capacity systems; the mitigation options for each site–SSI combination in the screening process should be addressed by both the project proponent and regulatory agencies as early as practicable in the overall permitting process; and the impacts of SSIs on local aquifers and associated wetland systems must be assessed during the analyses conducted during the FA and during post-construction monitoring. The Panel further concluded that the design and evaluation of SSI–site combinations are highly site-specific, involving technically complex issues, which require both the applicant and the reviewing state agencies to have the expertise to design and review the applications. Economic feasibility must consider cost to the consumer and the engineering risk that can preclude project financing. Projected capacities exceeding the above noted limits may not by financed due to risks of failure or could require government guarantees to lenders. The current permitting system in California is likely to preclude construction of large seawater desalination facilities that can provide another source of potable water for coastal communities in California during severe droughts. Without seawater desalination, the potable water supply in California would suffer a greater sustainability and resilience risk during future periods of extended drought. Full article