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The Economics of Attention

Author

Listed:
  • George Loewenstein
  • Zachary Wojtowicz

Abstract

Attention is an important resource in the modern economy and plays an increasingly prominent role in economic analysis. We summarize research on attention from both psychology and economics with a particular emphasis on its capacity to explain documented violations of classical economic theory. We also identify promising new directions for research, including attention-based utility, the recent proliferation of attentional externalities introduced by digital technology, the potential impact of artificial intelligence on the economics of attention, and the significant role that boredom, curiosity, and other motivational states play in determining how people allocate attention.

Suggested Citation

  • George Loewenstein & Zachary Wojtowicz, 2025. "The Economics of Attention," Journal of Economic Literature, American Economic Association, vol. 63(3), pages 1038-1089, September.
    • Handle: RePEc:aea:jeclit:v:63:y:2025:i:3:p:1038-89
    DOI: 10.1257/jel.20241665
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    Citations

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    Cited by:

    1. Mohammad Ghaderi, 2026. "Attention-entropy random utility: Endogenous: Attention and context effects in discrete choice," Economics Working Papers 1936, Department of Economics and Business, Universitat Pompeu Fabra.
    2. Gruener, Sven & Mußhoff, Oliver, 2025. "The relevance of behavioral patterns when dealing with human-made climate change: Results from a survey with 1,510 researchers," SocArXiv uzycj_v1, Center for Open Science.
    3. Shi, Ying & Villarroel, Francisco, 2026. "The Consequences of Cellphone Restrictions in Classrooms," IZA Discussion Papers 18426, IZA Network @ LISER.
    4. da Silva, Lucas Paulo, 2026. "Why Cross-Pressured Voters Are Always Right: Media and Mediators," SocArXiv cyhsm_v1, Center for Open Science.
    5. Mohammad Ghaderi, 2026. "Attention-Entropy Random Utility: Endogenous Attention and Context Effects in Discrete Choice," Working Papers 1552, Barcelona School of Economics.

    More about this item

    JEL classification:

    • C45 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Neural Networks and Related Topics
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • I20 - Health, Education, and Welfare - - Education - - - General

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