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Monetary losses do not loom large in later life: age differences in the framing effect
Joseph A Mikels1, Andrew E Reed
1Department of Human Development, Cornell University, Martha Van Rensselaer Hall, Ithaca, NY 14853-4401, USA. jmikels@cornell.edu
Summary
Older and younger adults exhibit similar risk aversion for gains. However, only younger adults display risk seeking when decisions involve potential losses, indicating age-related differences in loss framing effects.
Area of Science:
- Cognitive psychology
- Neuroscience of decision-making
- Behavioral economics
Background:
- The framing effect describes how decision-making is influenced by the presentation of options as gains or losses.
- Previous research on age and framing effects yields inconsistent results.
- Recent findings suggest age-related differences in emotional reactivity to losses may impact framing susceptibility.
Purpose of the Study:
- To investigate age-related differences in susceptibility to the framing effect.
- To compare risk aversion in gain frames and risk seeking in loss frames between younger and older adults.
- To test the hypothesis that older adults show reduced risk seeking in loss frames compared to younger adults.
Main Methods:
- A monetary gambling task was administered to both younger and older adult groups.
- Participants chose between a certain option and a risky gamble with equivalent expected outcomes.
- Decisions were presented in both a gain frame (potential rewards) and a loss frame (potential costs).
Main Results:
- Both younger and older adults demonstrated risk aversion when choices were framed as potential gains.
- Only younger adults exhibited risk-seeking behavior when choices were framed as potential losses.
- Older adults did not show significant risk seeking in the loss frame, unlike younger adults.
Conclusions:
- Age moderates susceptibility to the framing effect, particularly in loss scenarios.
- Older adults may be less prone to risk-seeking behavior when facing potential losses compared to younger individuals.
- These findings contribute to understanding cognitive aging and decision-making under risk.
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