Risky-Choice Behavior: A Life-Span Analysis

Holliday, Stephen G.

doi:10.2190/139a-98ax-el11-d120

Cited by 11 publications

(12 citation statements)

References 12 publications

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“…Volume 2-Number 1 age and risk aversion (more choices of a sure thing over a gamble) in gains-suggesting no age-related changes in the domain of gains. Holliday (1988), however, found no age differences from 20 to 76 years old in choices between gambles and sure things for gains or losses.…”

Section: Value Losses Gainsmentioning

confidence: 79%

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: Value Losses Gainsmentioning

confidence: 79%

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

“…Notably, the age‐related differences reflected that younger adults did not demonstrate the framing effect—however, the effect was found among younger adults in other studies using the same stimuli 135,154 . Four other studies that compared younger and older adults indicated age similarities 133,155–157 . One of the four 157 was a replication that used the same vignettes as the study indicating age‐related differences.…”

Section: Developmental Trajectorymentioning

confidence: 92%

Decision‐making heuristics and biases across the life span

Strough

Karns

Schlosnagle

2011

Annals of the New York Academy of Sciences

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We outline a contextual and motivational model of judgment and decision-making (JDM) biases across the life span. Our model focuses on abilities and skills that correspond to deliberative, experiential, and affective decision-making processes. We review research that addresses links between JDM biases and these processes as represented by individual differences in specific abilities and skills (e.g., fluid and crystallized intelligence, executive functioning, emotion regulation, personality traits). We focus on two JDM biases—the sunk-cost fallacy (SCF) and the framing effect. We trace the developmental trajectory of each bias from preschool through middle childhood, adolescence, early adulthood, and later adulthood. We conclude that life-span developmental trajectories differ depending on the bias investigated. Existing research suggests relative stability in the framing effect across the life span and decreases in the SCF with age, including in later life. We highlight directions for future research on JDM biases across the life span, emphasizing the need for process-oriented research and research that increases our understanding of JDM biases in people’s everyday lives.

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“…Tables 1 and 2 give an overview of the tasks and articles that investigate age‐related differences in risky choice that are included in this meta‐analysis 15–17,32 , 42–64 …”

Section: Methodsmentioning

confidence: 99%

Age differences in risky choice: a meta‐analysis

Mata

Josef

Samanez-Larkin

et al. 2011

Annals of the New York Academy of Sciences

371

426

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Does risk taking change as a function of age? We conducted a systematic literature search and found 29 comparisons between younger and older adults on behavioral tasks thought to measure risk taking (N =4,093). The reports relied on various tasks differing in several respects, such as the amount of learning required or the choice framing (gains vs. losses). The results suggest that age-related differences vary considerably as a function of task characteristics, in particular the learning requirements of the task. In decisions from experience, age-related differences in risk taking were a function of decreased learning performance: older adults were more risk seeking compared to younger adults when learning led to risk-avoidant behavior, but were more risk averse when learning led to risk-seeking behavior. In decisions from description, younger adults and older adults showed similar risk-taking behavior for the majority of the tasks, and there were no clear age-related differences as a function of gain/loss framing. We discuss limitations and strengths of past research and provide suggestions for future work on age-related differences in risk taking.

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Risky-Choice Behavior: A Life-Span Analysis

Cited by 11 publications

References 12 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

Decision‐making heuristics and biases across the life span

Age differences in risky choice: a meta‐analysis

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