Risky decision making in younger and older adults: the role of learning
Jonathan J Rolison1, Yaniv Hanoch, Stacey Wood
1Department of Psychology, University of Plymouth, Plymouth, UK. jonathan.rolison@plymouth.ac.uk
Abstract:
Are older adults risk seeking or risk averse? Answering this question might depend on both the task used and the analysis performed. By modeling responses to the Balloon Analogue Risk Task (BART), our results illustrate the value of modeling as compared to relying on common analysis techniques. While analysis of overall measures suggested initially that older and younger adults do not differ in their risky decisions, our modeling results indicated that younger adults were at first more willing to take greater risks. Furthermore, older adults may be more cautious when their decision making is based on initial perceptions of risk, rather than learning following some experience with a task.
Related Concept Videos
Revisionist Views of Adolescent and Adult Cognition
Decision Making
Automatic decision-making is fast, intuitive, and relies on gut feelings...
Decision Making: Traditional Method
First, a specific claim about the population parameter is decided based on the research question and is stated in a simple form. Further, an opposing statement to this claim is also stated. These statements can act as null and alternative hypotheses, out of which a null hypothesis would be a...
Reason and Intuition
Cognitive Development During Adulthood
Cognitive Learning
E. C. Tolman's theory of purposive behavior emphasizes that much behavior is goal-directed. He argued that to understand behavior, we must look at the entire sequence of actions leading to a goal. For instance, high school students study hard, not just due to past reinforcement but also to achieve the goal of getting into a good college.
Tolman introduced the idea that behavior is influenced by...

