Age differences in decision making under known risk: The role of working memory and impulsivity.

Abstract

This study examined whether age differences in risky decision making are dependent on known probability and value of outcomes (i.e., the expected value [EV]), the valence of anticipated outcomes (gains or losses), and individual differences in working memory and impulsivity. We used a task that varied risk independently from EV so that taking risks could be advantageous or disadvantageous. Results indicated differential developmental courses for the sensitivity to EV and outcome valence from early to late adolescence. An increase in risk-advantageous but a decrease in risk-disadvantageous behavior was obtained between early-to-mid and late adolescence. All adolescents showed higher risky behavior when losses rather than gains were expected. Age differences in the sensitivity to EV were fully mediated by individual differences in working memory but not by self-reported impulsivity, suggesting that decision making under known risk is strongly limited by the maturation of cognitive control processes.

Experiencing statistical information improves children’s and adults’ inferences

“…For instance, 5–7 year old children do not systematically consider differences in expected value in risky choice when asked to choose between options with stated outcomes and probabilities, whereas children aged 8–11 years begin to approach the performance of adults (Levin et al, 2007 ). Such age-related differences in choice under known risk have been attributed to differences in working memory, suggesting that the ability to deal with described probabilities in making decisions is contingent on the maturation of cognitive control processes (Kray et al, 2021 ). More generally, understanding and executing described proportional calculations of probability appears to be a difficult skill for children to learn (Bryant & Nunes, 2012 ) and may require formal instruction.…”

Group decision-making on risky choice in adolescents and young adults

“…However, Willoughby, Heffer, Good et al ( 2021 ) claimed that early adulthood is a period of more risk-seeking. Therefore, it is still unclear whether adolescents are more risk seeking than young adults (Kray et al, 2021 ). Moreover, adolescents tend to have a strong sense of belonging to peer groups (Blakemore, 2018 ), leading them to be more easily influenced by peers.…”

“…Willoughby, Heffer, Good et al ( 2021 ) found that early adulthood, rather than adolescence, might be the period of “high” risk-seeking in general and pointed out that future research should answer the question of “how different types of risky behaviors change at different ages and historical periods”. Therefore, based on these inconsistent findings from previous studies, it is necessary to explore whether adolescents are more risk seeking than young adults and the potential causes of these risky behaviors (Kray et al, 2021 ).…”

Too easy, too hard, or just right: Lifespan age differences and gender effects on task difficulty choices

“…In addition, these abilities vary more from moment to moment, reflecting greater process fluctuations in these age groups (Li et al, 2004; Lindenberger & van Oertzen, 2006; Mella et al, 2016; Papenberg et al, 2013; Rutter et al, 2020). Second, prior research indicates that cognitive monitoring mechanisms operate less efficiently in childhood and old age than in early adulthood (e.g., Clawson et al, 2017; Dodson et al, 2007; Gajewski et al, 2018; Hämmerer et al, 2011; Kray et al, 2021; Schneider, 2008). Taken together, children and older adults show larger performance fluctuations from trial to trial, and are less precise in monitoring their performances over time.…”