Newsmaker: George Loewenstein

Residence: Highland Park

Age: 52

Family: Wife, Donna Harsch; son, Max; daughter, Rosa

Occupation: Herbert A. Simon Professor of Economics and Psychology at Carnegie Mellon University

Education: Bachelor's degree in economics, Brandeis University; doctorate in economics, Yale University

Background: Taught at the University of Chicago; does research on behavioral economics and neuroeconomics, a field in which people's brains are scanned while they make decisions about buying products.

Noteworthy: Named a fellow of the American Academy of Arts and Sciences. He joins nine CMU faculty members bestowed that honor. Founded in 1780 by John Adams, John Hancock and other scholar-patriots, the academy explores complex and emerging problems. Loewenstein is among 212 new fellows, including U.S. Supreme Court Justice John Paul Stevens, filmmakers Joel and Ethan Coen, and PepsiCo CEO Indra Nooyi.

Quote: "(My reaction) initially was fairly muted. I started getting excited when I found the Coen brothers were inducted the same year. Academia already affords such amazing opportunities to interact with interesting people that I doubt that being part of the academy will make much difference for that."