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This study found that personal wisdom was correlated positively with Chinese older adults’ quality of life regardless of their place of residence (rural vs urban). Both self-esteem and depression were found to account directly for the relation between personal wisdom and quality of life among the urban, but not the rural residents. The findings overall highlighted the importance of considering personal wisdom as a beneficial psychological resource that helps older adults maintain a high quality of life in old age. Further, the rural-urban difference indicates the need for future personal wisdom studies on low-income and less educated older populations.

To extend decision theory models to account for observed choice behavior in sequential risky choices with multiple outcomes, the present study examined and compared 30 heuristic choice models and 6 baseline choice models in a naturalistic, sequential highstakes game show context. One-thousand and ninety-five games from one British and two American versions of the Deal or No Deal (DOND) game were included in the analysis. The heuristic choice models were constructed by pairing 10 different decision heuristic assumptions with 3 fundamental choice models, including a ratio, an expected utility, and a probability discounting model. The baseline models directly employed the three fundamental choice models with two different sets of outcomes. A nonparametric ratio model, with the decision heuristic assumptions of a reference-dependent probability of winning and a representative value of a sum of all outcomes in a risky choice, significantly outperformed the other 35 descriptive choice models in accounting for observed sequential choices. The reference-dependent probability proposed in the present study represents the overall probability of winning or losing, given a reference outcome in a complex risky choice. A representative value, rather than each single outcome, was added to the choice model. The total percentage of players whose binary choices are consistent with our best model is 94.25%. Compared to the other models, the most consistent model showed more distinct correct predictions. The overall results suggest that players in the DOND game make sequential risky choices with multiple outcomes in a heuristic manner.