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Updated: Sep 16, 2025

The Collective Trust Game: An Online Group Adaptation of the Trust Game Based on the HoneyComb Paradigm
Published on: October 20, 2022
From shock to strategy: Adversity experiences and Environmental, Social, and Governance investment
Xiao Jia1, Yuki Yamamoto2, Ken'ichi Matsumoto3
1Research Promotion Section, Toyo University, 5-28-20 Hakusan, Bunkyo-ku, Tokyo, 112-8606, Japan.
Abstract:
This study investigates the association between individuals' personal experiences and their decisions regarding Environmental, Social, and Governance (ESG) investments. We surveyed 10,000 representative respondents living in 47 prefectures of Japan using quota sampling and analyzed both the extensive and intensive margins of ESG investment decisions, as well as investors' willingness to forgo financial returns. Using data retrieved from an online survey conducted in December 2024, we show via regression analyses that personal experiences linked to ESG component - especially those related to environmental (E) issues - are significantly associated with an increased likelihood of ESG investment. Notably, only E-related experiences are responsible for a higher portfolio share of ESG products and a greater willingness to sacrifice financial returns. We also reveal heterogeneity across investor groups.
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