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Measuring the Subjective Value of Risky and Ambiguous Options using Experimental Economics and Functional MRI Methods
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Risk Aversion is Associated with Decision Making among Community-Based Older Persons.

Patricia A Boyle1, Lei Yu, Aron S Buchman

  • 1Rush Alzheimer's Disease Center, Rush University Medical Center Chicago, IL, USA.

Frontiers in Psychology
|July 4, 2012
PubMed
Summary

Older adults who are more risk-averse tend to make poorer decisions. This study highlights the link between risk aversion and decision-making competence in aging populations.

Keywords:
agingcognitiondecision makingrisk aversion

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Area of Science:

  • Gerontology
  • Behavioral Economics
  • Cognitive Science

Background:

  • Risk aversion's impact on decisions is well-studied in younger populations.
  • Its association with decision-making in older adults remains less understood.
  • Older individuals face significant life decisions influenced by risk perception.

Purpose of the Study:

  • To investigate the relationship between risk aversion and decision-making competence in community-dwelling older adults.
  • To determine if risk aversion is associated with poorer decision-making skills in this demographic.

Main Methods:

  • Utilized data from 606 older adults without dementia from the Rush Memory and Aging Project.
  • Measured risk aversion using standard behavioral economics questions involving monetary gambles.
  • Assessed decision-making competence using the 12-item Decision Making Competence Assessment Tool.

Main Results:

  • Greater risk aversion was significantly associated with poorer decision-making (estimate = -1.03, p = 0.003) after adjusting for demographic factors.
  • This association remained significant even after controlling for global cognitive function and specific cognitive abilities (executive and non-executive).

Conclusions:

  • Risk aversion is linked to diminished decision-making abilities in older adults, mirroring findings in younger populations.
  • Understanding this association is crucial given the complex decisions faced by older individuals.