Stability of choices in a risky decision‐making task: a 3‐year longitudinal study with children and adults

Abstract

In a 3-year follow-up to Levin and Hart's (2003) study, we observed the same children, now 9-11 years old, and their parents in the same risky decision-making task. At the aggregate level the same pattern of means was observed across time periods. At the individual level the key variables were significantly correlated across time periods for both children and adults. Taken together with the results from the original study and earlier studies, these results solidify the following conclusions: children utilize both probability and outcome information in risky decision-making; the tendency to make more risky choices to avoid a loss than to achieve a gain of equal magnitude, which is a major tenet of the leading theories of risky decision-making, occurs for children as well as adults; children make more risky choices than adults; temperamental predictors of risky choice are valid for children as well as for adults.

Factors and Dimensions Influencing Risky and Cautious Decisions: A Study of Selected Kenyan Secondary School Disciplinary Panels

“…These senior members felt that they had to influence panel decisions because most of the younger members made risky decisions and that their opinions always proposed heavy sanctions instead of looking for ways of reforming the students. This finding is consistent with Schlottmann, (2000); Harbaugh, et al, (2002) and Levin, et al, (2007) who all found out that young people make more risky decisions than adults. Manning, et al, (2004) study also found that the younger judges were least sympathetic in their decisions (made more extreme or risky decisions) while the older judges were the most sympathetic in their decisions (made more cautious decisions).…”

“…Thus in a group, like in school disciplinary panel, if the information provider is an older person, the tendency would probably be for the younger members to give in to the older members' opinions as a sign of respect. There are studies that have investigated decision making abilities of young people compared with adults, which indicate that young people make more risky decisions than adults (Levin, Hart, Weller & Harshman, 2007). Mossière & Dalby (2008) asserts that differing life experiences, confidence, cognitive processing, or views of the justice system may explain age differences in the shifts in decisions in a group process.…”

Peer effects in risky choices among adolescents

“…Our study contributes to a body of literature that documents how typical patterns of risky choices develop during childhood and adolescence (Reyna and Ellis, 1994;Harbaugh et al, 2002;Levin and Hart, 2003;Levin et al, 2007). Most find that risk aversion increases with age after adolescence in both experimental and self-reported survey measures (see, e.g.…”

Peer Influences on Adolescent Risk Behavior

“…Moreover, adolescents report a level of risk-aversion that is comparable to that reported by adults, which argues against an assumption of adolescent goal-structures that favor risk-taking (Reyna & Farley, 2006). Finally, although 7 risk-taking in laboratory contexts appears to decline somewhat from childhood to adulthood, children and adults use probability and outcome information in a similar fashion (Levin, Hart, & Weller, 2007), and adolescents show logical reasoning abilities comparable to adults (Steinberg & Cauffman, 1996). In sum, adolescents appear to possess the information and cognitive maturity to make reasoned decisions about whether to engage in risk behavior.…”