George Loewenstein

George Loewenstein is a co-founder of the fields of behavioral economics and neuroeconomics. He holds the Herbert A. Simon Professorship of Economics and Psychology in the Social and Decision Sciences Department at Carnegie Mellon University and serves as director of the Center for Behavioral Decision Research. Loewenstein was an early proponent of the public policy framework known as the “Nudge” approach, also referred to as asymmetric or libertarian paternalism. He received his doctorate from Yale University and has held academic positions at the University of Chicago and Carnegie Mellon University, as well as fellowships at the Center for Advanced Study in the Behavioral Sciences, Institute for Advanced Study in Princeton, Russell Sage Foundation, Institute for Advanced Study in Berlin, and London School of Economics.

Loewenstein’s research integrates economics and psychology, challenging the assumption that individuals are purely rational actors. His work examines how psychological factors shape economic decision-making, with research topics including intertemporal choice, emotions, risk perception, and curiosity. Among his significant contributions is the concept of the hot-cold empathy gap, which describes the tendency to underestimate how current mental states influence behavior. Through empirical studies, Loewenstein has demonstrated this empathy gap in contexts such as pain, addiction, thirst, and fear. He also co-introduced the “ostrich effect,” describing how investors avoid confronting their financial portfolios when anticipating negative outcomes. His research extends to the application of economics to psychological phenomena, including analyses of boredom, insecure self-esteem, and the reluctance to thank or apologize.

Loewenstein has published more than 300 journal articles across economics, psychology, law, and medicine, and has written or edited six books on topics such as intertemporal choice, behavioral economics, and emotions. His books include “Exotic Preferences: Behavioral Economics and Human Motivation” and “Choice Over Time,” co-edited with Jon Elster. Loewenstein is a past president of the Society for Judgment and Decision Making and a fellow of the American Academy of Arts and Sciences.

George Loewenstein has served on panels for the National Academy of Sciences and Institute of Medicine and has advised corporations and governmental organizations, including the National Institutes of Health, U.S. Department of Agriculture, U.K. Behavioural Insights Team, CVS Caremark, Ascension Health, and McKinsey. He holds visiting professor positions at London School of Economics and Political Science, Arctic University of Norway, and BRIQ Institute on Behavior and Inequality at University of Bonn, Germany. Loewenstein’s work at the intersection of behavioral science, economics, and decision-making informs policy, healthcare, and business practices.

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