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The multifold relationship between memory and decision making: an individual-differences study
Fabio Del Missier1, Timo Mäntylä, Patrik Hansson
1Department of Life Sciences-Psychology Unit, University of Trieste.
Different memory types support distinct decision-making skills. Working memory aids complex tasks, episodic memory aids experience-based judgments, and semantic memory aids knowledge-based decisions.
Area of Science:
- Cognitive Psychology
- Neuroscience
- Decision Sciences
Background:
- Judgment and decision-making tasks often rely on memory, yet the specific memory processes involved are not fully understood.
- Existing research highlights a gap in knowledge regarding the precise relationships between distinct memory systems and decision-making competence.
Purpose of the Study:
- To investigate the specific relationships between individual differences in working memory, episodic memory, and semantic memory.
- To examine how these memory functions relate to six key components of decision-making competence.
- To explore the role of memory decline in age-related changes in decision-making.
Main Methods:
- A study involving 568 adults aged 25–80 years.
- Hypothesis testing on the associations between specific memory types (working, episodic, semantic) and decision-making components.
- Analysis of mediation effects of memory decline on age-related decision-making changes.
Main Results:
- Working memory positively correlated with cognitively demanding tasks like resistance to framing and applying decision rules.
- Episodic memory showed a positive association with experience-based tasks, such as recognizing social norms.
- Semantic memory was positively related to knowledge-based tasks, including consistency in risk perception and resistance to sunk costs.
- Age-related declines in decision-making were partially or fully mediated by declines in working or episodic memory.
Conclusions:
- Distinct memory systems (working, episodic, semantic) play specific functional roles in different types of judgment and decision-making tasks.
- Working memory is crucial for complex cognitive decision-making, while episodic and semantic memory support experience-based and knowledge-based decisions, respectively.
- Age-related cognitive decline in memory significantly impacts decision-making abilities, highlighting the interconnectedness of memory and executive functions across the lifespan.
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