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Attention Utility: Evidence from Individual Investors

Author

Listed:
  • Edika Quispe-Torreblanca
  • John Gathergood
  • George Loewenstein
  • Neil Stewart

Abstract

We study attention utility, the hedonic pleasure or pain derived purely from paying attention to information, which differs from the news utility that arises from gaining new information. The main, field, study examines brokerage account login data to show that investors pay disproportionate attention to already-known positive information on their stocks. Through its effect on logins, this selective attention affects their trading activity. Three experimental studies then show that (1) investors are more likely to engage in a paid task that will involve attention to a prior investment if that investment has gained value; (2) paying attention to a winning stock is more motivating than a doubling of monetary incentives; and that (3) attention has value independent of information acquisition.

Suggested Citation

  • Edika Quispe-Torreblanca & John Gathergood & George Loewenstein & Neil Stewart, 2026. "Attention Utility: Evidence from Individual Investors," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 93(1), pages 664-696.
    • Handle: RePEc:oup:restud:v:93:y:2026:i:1:p:664-696.
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    File URL: http://hdl.handle.net/10.1093/restud/rdaf028
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    Cited by:

    1. is not listed on IDEAS
    2. Francesco Capozza & Ingar Haaland & Christopher Roth & Johannes Wohlfart, 2021. "Studying Information Acquisition in the Field: A Practical Guide and Review," CEBI working paper series 21-15, University of Copenhagen. Department of Economics. The Center for Economic Behavior and Inequality (CEBI).
    3. Desagre, Christophe & D’Hondt, Catherine, 2021. "Googlization and retail trading activity," Journal of Behavioral and Experimental Finance, Elsevier, vol. 29(C).

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    Keywords

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    JEL classification:

    • G40 - Financial Economics - - Behavioral Finance - - - General
    • G41 - Financial Economics - - Behavioral Finance - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making in Financial Markets
    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance

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