Age and management team performance.

Streufert, Siegfried; Pogash, Rosanne; Piasecki, Mary; Post, Gerald M.

doi:10.1037/0882-7974.5.4.551

Cited by 49 publications

(51 citation statements)

References 60 publications

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“…A relatively consistent finding in this research, across different types of products (e.g., cars, apartments, over-the-counter drugs), was that older adults spent a longer time studying each cell but sampled fewer pieces of information than did younger adults before making their decisions. Similar results were obtained by Streufert, Pogash, Piasecki, and Post (1990) in a study of decision making in managers and by Hershey, Walsh, Read, and Chulef (1990) in a financial-planning task. There is also some evidence that older adults use less systematic strategies (e.g., sampling many features within one product rather than comparing the same feature across products), but this pattern was observed in only one study (M.M.S.…”

Section: Impact Of Deliberative Decline On Judgments and Decisionssupporting

confidence: 88%

Adult Age Differences in Dual Information Processes: Implications for the Role of Affective and Deliberative Processes in Older Adults' Decision Making

Peters

Hess

Västfjäll

et al. 2007

Perspect Psychol Sci

292

285

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Age differences in affective/experiential and deliberative processes have important theoretical implications for judgment and decision theory and important pragmatic implications for older-adult decision making. Age-related declines in the efficiency of deliberative processes predict poorer-quality decisions as we age. However, age-related adaptive processes, including motivated selectivity in the use of deliberative capacity, an increased focus on emotional goals, and greater experience, predict better or worse decisions for older adults depending on the situation. The aim of the current review is to examine adult age differences in affective and deliberative information processes in order to understand their potential impact on judgments and decisions. We review evidence for the role of these dual processes in judgment and decision making and then review two representative life-span perspectives (based on aging-related changes to cognitive or motivational processes) on the interplay between these processes. We present relevant predictions for older-adult decisions and make note of contradictions and gaps that currently exist in the literature. Finally, we review the sparse evidence about age differences in decision making and how theories and findings regarding dual processes could be applied to decision theory and decision aiding. In particular, we focus on prospect theory (Kahneman & Tversky, 1979) and how prospect theory and theories regarding age differences in information processing can inform one another.

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Section: Impact Of Deliberative Decline On Judgments and Decisionssupporting

confidence: 88%

Adult Age Differences in Dual Information Processes: Implications for the Role of Affective and Deliberative Processes in Older Adults' Decision Making

Peters

Hess

Västfjäll

et al. 2007

Perspect Psychol Sci

292

285

View full text Add to dashboard Cite

show abstract

“…For one, older decision makers tend to review less information than their younger counterparts. [19][20][21][22] In addition, advanced age is associated with a preference for simpler, rule-based strategies 13,23 and a reliance on experiential knowledge, 15,24 which both contribute to shorter decision times. It is important to note that age-related preferences for heuristic and affect-rich strategies may not only reflect limitations in processing resources but also correspond to agerelated shifts in motivational priorities 25 -a point to which this review will return later (see also the contribution by Strough in this volume 116 ).…”

Section: Processing Speed and Decision Timementioning

confidence: 99%

Age, time, and decision making: from processing speed to global time horizons

Löckenhoff

2011

Annals of the New York Academy of Sciences

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Time and time perceptions are integral to decision making because any meaningful choice is embedded in a temporal context and requires the evaluation of future preferences and outcomes. The present review examines the influence of chronological age on time perceptions and horizons and discusses implications for decision making across the life span. Time influences and interacts with decision making in multiple ways. Specifically, this review examines the following topic areas: (1) processing speed and decision time, (2) internal clocks and time estimation, (3) mental representations of future time and intertemporal choice, and (4) global time horizons. For each aspect, patterns of age differences and implications for decision strategies and quality are discussed. The conclusion proposes frameworks to integrate different lines of research and identifies promising avenues for future inquiry.Time and perceptions of time are integral to decision making because any meaningful choice is embedded in a temporal context and requires the evaluation of future preferences and outcomes. Construals of temporal horizons inform not only mundane choices (such as those at the lunch counter) where decision outcomes are realized within minutes, but also complex interpersonal and career decisions that will influence life-trajectories for decades to come. Importantly, time is linked with decision making at multiple levels ranging from processing time and timing of the decision task itself (e.g., time pressure), to time as a characteristic of decision options (e.g., differences in duration or delay), and global time horizons on the part of the decision-maker 1,2 .In general, people are well-prepared to appreciate and navigate temporal aspects of decision making. In fact, it has been argued that the ability to monitor time and simulate future events are part of what makes us uniquely human 3,4 . Nevertheless, most people show systematic biases in time perceptions that may put them at risk for suboptimal decisions 5,6 . Further, although the awareness of time and its passing is a human universal 7 , time horizons and construals show considerable interindividual variability. Thus, some decision makers may be at greater risk for temporal fallacies than others.Based on these considerations, the present chapter reviews the influence of chronological age on time perceptions and horizons and discusses implications for decision making across the life span. As mentioned above, time influences and interacts with decision making in multiple ways and a complete coverage of age differences would go beyond the scope of the present chapter. Instead, I focus on select topics that have attracted sufficient life-span developmental research to allow for broader conclusions about the direction of age

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“…According to Ende et al (1989), older patients search for less information before making medical decisions. In addition, older consumers relied on fewer sources for investment information than younger consumers" (Lin and Lee 2004) In a managerial environment, Streufert et al (1990) find that teams composed of older, middle-level managers ask for less additional information in a business simulation than teams composed of younger managers.…”

Section: Older Consumers Make Choices From a Smaller Consideration Setmentioning

confidence: 99%

Decision making and brand choice by older consumers

et al. 2008

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Older adults constitute a rapidly growing demographic segment, but stereotypes persist about their consumer behavior. Thus, a more considered understanding of age-associated changes in decision making and choices is required. Our underlying theoretical model suggests that ageassociated changes in cognition, affect, and goals interact to differentiate older consumers' decision-making processes, brand choices, and habits from those of younger adults. We first review literature on stereotypes about the elderly and then turn to an analysis of age differences in the inputs (cognition, affect, and goals) and outputs (decisions, brand choices, and habits) of the choice process.Keywords: older consumers, decision making, choice 2 Older consumers represent an increasingly large and financially powerful part of the population worldwide. We propose that age-associated changes in cognition, affect, and goals intermingle to influence older consumers' decision-making processes and choices and thus distinguish these processes as different from those used by younger adults. This review attempts to achieve a more considered understanding of age differences in the inputs (cognition, affect, and goals) and outputs (decisions, brand choices, and habits) of choice processes. For example, extant literature focuses largely on the ways in which one input (e.g., memory) affects a single output (e.g., brand choice). We organize the review around stereotypes, inputs, outputs, and further research, but we expressly highlight the complex interrelationships among these concepts. StereotypesSection Author: Michael I. Norton People tend to possess stereotypical views of the elderly, regarding them as kindly, warm, and friendly but simultaneously incompetent, ineffective, and helpless (Fiske, Cuddy, Glick, and Xu, 2002)-beliefs that are evident across cultures (Cuddy, Norton, and Fiske, 2005). Marketers take a similar view of the elderly, imagining them as a homogenous group that differs qualitatively from younger consumers in both abilities and preferences. Just as media stereotypically portray the elderly (Vasil and Wass, 1993), marketers tend to portray them similarly in advertisements (McConatha, Schnell, and McKenna, 1999). Marketing scholars and practitioners routinely group the elderly into one catch-all category of persons 65 years of age and older, which may include as much as a 40-year span because of increases in longevity (i.e., grouping consumers aged 65 years with those older than 100 years). Such a broad grouping for a different cohort, say from 10 to 50 years of age, would seem ridiculous and demonstrates the 2 heterogeneity in preferences and needs within such a wide grouping. Even if fewer preference changes occur in later life, the heterogeneity in preferences, needs, and wants among consumers aged 65 to 100 years are likely considerable.Furthermore, despite the substantial overlap in abilities, preferences, and goals between older and younger consumers, substantial differences also mark them. For example, the elder...

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Age and management team performance.

Cited by 49 publications

References 60 publications

Adult Age Differences in Dual Information Processes: Implications for the Role of Affective and Deliberative Processes in Older Adults' Decision Making

Adult Age Differences in Dual Information Processes: Implications for the Role of Affective and Deliberative Processes in Older Adults' Decision Making

Age, time, and decision making: from processing speed to global time horizons

Decision making and brand choice by older consumers

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