Age Differences in Performance Awareness on a Complex Financial Decision-Making Task

Hershey, Douglas A.; Wilson, Jo

doi:10.1080/03610739708254283

Cited by 27 publications

(25 citation statements)

References 16 publications

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“…Other papers that have resulted from this study include an analysis of participants' metacognitive performance (Hershey & Wilson, 1997), and an analysis of age-differences in information search (Walsh & Hershey, 1993; experiment 2).…”

Section: Notesmentioning

confidence: 98%

Knowledge versus experience in financial problem solving performance

Hershey

Walsh

2000

Curr Psychol

Self Cite

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The present study examined the solution quality and information processing patterns of experts, novices, and "trained novices" as they solved a series of six complex retirement investment problems. The goal of the investigation was to better understand how prior problem solving experience and knowledge of the task influenced individuals' cognitive efforts. As expected, expert financial planners produced higher quality solutions than did novices. However, trained novices (individuals who attended a six hour educational intervention) were found to produce solutions that were twice as good as those generated by experts. A variety of analyses were conducted that focused on both the types of information individuals selected to solve the problems, and the efficiency with which they processed task information, in an effort to explain group differences in solution quality. Findings are discussed in terms of the potential benefits of offering cognitively engineered educational training programs in order to improve task-specific problem solving competency.

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Section: Notesmentioning

confidence: 98%

Knowledge versus experience in financial problem solving performance

Hershey

Walsh

2000

Curr Psychol

Self Cite

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“…According to [32], self is "the totality of a person's feelings about himself to serve as an object". It was like turning a person (the self) and the actual assessment that he (she) is who and what is what [33].…”

Section: Discussion and Recommendationsmentioning

confidence: 99%

Personal Factors Affecting Consumer Purchase Decision towards Men Skin Care Products — A Study in Ho Chi Minh City, Vietnam

Khương¹,

Duyen²

2016

IJTEF

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Abstract-This study examined some depth the influences of skin's health care, body attraction, age and aging process, selfimage, cognition of using men skin care products to male customer purchase decision of skin care products in Ho Chi Minh City, Viet Nam. Quantitative approach was mainly used with questionnaire developed and distributed to 313 men in the age between 20-50 years old in HCM City. This study found that higher levels of skin's health attention, body attraction, age and aging process, self-image, and cognition of using men skin care products would likely purchase more of men skin care products. In addition, the empirical results indicated that four personal factors of self-image, skin's health attention, body attraction, and age and aging process had significant effects on male consumer purchase decision.

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“…They showed that elderly people were more accurate than young people in predicting the accuracy of their judgments. Hershey and Wilson (1997) studied performance awareness on a complex financial-decision task. They showed that ''the absolute magnitude of errors made by older participants were equivalent to those made by younger ones' ' (p. 268).…”

Section: Aging and Probabilistic Learning In Single-and Multiple-cue mentioning

confidence: 99%

Aging and Probabilistic Learning in Single- and Multiple-Cue Tasks

Chasseigne¹,

Ligneau

Grau

et al. 2004

Experimental Aging Research

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The objective of the study was to examine some of the conditions under which elderly people are able to learn probabilistic inverse relationships and when this type of learning is no longer possible. Two kind of tasks were used: (a) two single-cue learning tasks with either direct or inverse relationships (the Single-Cue Probability Learning paradigm), and (b) three two-cue learning tasks, one with two direct relationships, one with a combination of direct and inverse relationships, and one with two inverse relationships (the Multiple-Cue Probability Learning paradigm). Four groups of participants were included in the study: young adults (18- to 25-year-olds), adults (40- to 50-year-olds), elderly people (65- to 74-year-olds), and very elderly people (75- to 90-year-olds). It was shown that (a) older adults are able to reject the direct relationship "default" hypothesis and select the inverse relationship hypothesis when outcome feedback contradicting the default hypothesis is given, and provided that the learning setting be a very simple one, involving only one cue; (b) some older adults are able to select the inverse relationship hypothesis provided that the learning setting be a simple one,involving only two inverse relationship cues; and (c) very few older adults are able to select the inverse relationship hypothesis when the learning setting is a complex one, involving two cues with both direct and inverse relationships with the criterion. These results led to the revision of the "gradual decrease of cognitive flexibility in older adults" hypothesis proposed by Chasseigne, Mullet, and Stewart (Acta Psychologicgrave;a, 103, 229-238, 1997).

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Age Differences in Performance Awareness on a Complex Financial Decision-Making Task

Cited by 27 publications

References 16 publications

Knowledge versus experience in financial problem solving performance

Knowledge versus experience in financial problem solving performance

Personal Factors Affecting Consumer Purchase Decision towards Men Skin Care Products — A Study in Ho Chi Minh City, Vietnam

Aging and Probabilistic Learning in Single- and Multiple-Cue Tasks

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