Journal of Economic Literature
ISSN 0022-0515 (Print) | ISSN 2328-8175 (Online)
The Economics of Attention
Journal of Economic Literature
(pp. 1038–89)
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.Citation
Loewenstein, George, and Zachary Wojtowicz. 2025. "The Economics of Attention." Journal of Economic Literature 63 (3): 1038–89. DOI: 10.1257/jel.20241665Additional Materials
JEL Classification
- C45 Neural Networks and Related Topics
- D83 Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
- D91 Micro-Based Behavioral Economics: Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
- I20 Education and Research Institutions: General