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Related Concept Videos

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Financial Surrogate Decision Making: Lessons from Applied Experimental Philosophy.

Adam Feltz1

  • 1Michigan Technological University (USA).

The Spanish Journal of Psychology
|September 21, 2016
PubMed
Summary

Financial surrogates often follow default choices, influencing decisions for elderly individuals. Nudges like default settings impact surrogate financial decision-making, with numeracy playing a role in susceptibility.

Keywords:
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Area of Science:

  • Gerontology
  • Behavioral Economics
  • Decision Science

Background:

  • An increasing elderly population necessitates greater reliance on surrogate decision-making.
  • Financial surrogates play a crucial role in managing assets for individuals unable to make decisions themselves.
  • Default choice settings are increasingly used as a 'nudge' to influence behavior.

Purpose of the Study:

  • To investigate the influence of default choice settings on financial surrogate decision-making.
  • To examine empirical and moral implications of default settings in financial surrogate contexts.
  • To explore the role of numeracy in moderating the effect of defaults on surrogate choices.

Main Methods:

  • Two experiments were conducted to assess surrogate financial decision-making.
  • Experiment 1 examined hypothetical financial decisions with default settings.
  • Experiment 2 replicated findings and explored the interaction between numeracy and default settings (opt-in vs. opt-out).

Main Results:

  • Surrogates demonstrated a significant tendency to adhere to default settings in financial decisions (Experiment 1: OR = 4.37; Experiment 2: OR = 2.27).
  • Default settings predictably influenced surrogate financial choices across different contexts.
  • Higher numeracy correlated with less susceptibility to default influence in opt-in scenarios (p = .05).

Conclusions:

  • Default settings exert a significant influence on financial surrogate decision-making.
  • The use of nudges, particularly defaults, in surrogate decision-making raises ethical considerations.
  • Understanding factors like numeracy is important for designing ethical and effective decision-support systems for surrogates.