Overview
George Lowenstein is a recognised figure in economics whose research is cited in the context of consumer spending habits and the psychology of money. He has contributed to understanding the behaviours of individuals who tend to overspend (‘spendthrifts’) and those who under-spend (‘skinflints’).
Role in this knowledge base
His research on consumer spending and the ‘spendthrift’/‘skinflint’ dichotomy is central to the argument about experiential versus material consumption.
Key facts
- He identified distinct psychological profiles for people who spend too much and those who find spending painful.