Younger and older adults were tested on recognition memory for pictures. The Yonelinas high threshold (YHT) model, a formal implementation of two-process theory, fit the response distribution data of both younger and older adults significantly better than a normal unequal variance signal detection model. Consistent with this finding, non-linear zROC curves were obtained for both groups. Estimates of recollection from the YHT model were significantly higher for younger than older adults. This deficit was not a consequence of a general decline in memory; older adults showed comparable overall accuracy and in fact a non-significant increase in their familiarity scores. Implications of these results for theories of recognition memory and the mnemonic deficit associated with aging are discussed.