Quispe-Torreblanca, E. orcid.org/0000-0002-0974-0705, Gathergood, J., Loewenstein, G. et al. (1 more author) (2025) Attention Utility: Evidence from Individual Investors. Review of Economic Studies. rdaf028. ISSN 0034-6527
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.
Metadata
Item Type: | Article |
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Authors/Creators: |
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Copyright, Publisher and Additional Information: | © The Author(s) 2025. This is an open access article under the terms of the Creative Commons Attribution License (CC-BY 4.0), which permits unrestricted use, distribution and reproduction in any medium, provided the original work is properly cited. |
Keywords: | information utility, attention, login, investor behavior |
Dates: |
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Institution: | The University of Leeds |
Academic Units: | The University of Leeds > Faculty of Business (Leeds) > Analytics, Technology & Ops Department |
Depositing User: | Symplectic Publications |
Date Deposited: | 07 Nov 2024 10:25 |
Last Modified: | 17 Jun 2025 14:41 |
Status: | Published online |
Publisher: | Oxford University Press |
Identification Number: | 10.1093/restud/rdaf028 |
Related URLs: | |
Open Archives Initiative ID (OAI ID): | oai:eprints.whiterose.ac.uk:219205 |