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Risky-choice behavior: a life-span analysis
1Gerontology Research Centre, Simon Fraser University.
International Journal of Aging & Human Development
|January 1, 1988
Summary
Older adults do not generally avoid risks more than younger adults. Risk-avoiding behavior in decision-making is influenced by whether the choice involves potential gains or losses, not just age.
Area of Science:
- Cognitive Psychology
- Decision Making
- Gerontology
Background:
- Understanding age-related differences in decision-making is crucial.
- Previous assumptions suggested older adults adopt risk-avoiding strategies.
Purpose of the Study:
- To systematically test the hypothesis that older adults adopt risk-avoiding strategies in risky-choice situations.
- To investigate age-related patterns in risk-taking behavior.
Main Methods:
- Ninety-six adults across four age cohorts completed a risk-taking questionnaire.
- The questionnaire presented twelve scenarios with a choice between a safe and a risky option.
- Scenarios involved either potential gains or potential losses.
Main Results:
- Older adults did not choose significantly more safe alternatives than younger adults.
- Risk aversion was more pronounced when choices involved gains compared to losses, across all age groups.
- Age was not the sole determinant of risk-avoiding behavior.
Conclusions:
- Older adults do not universally adopt risk-avoiding strategies when a safe option is available.
- Risk-avoiding behavior is context-dependent, influenced by the specific parameters of the choice situation (gains vs. losses).
- Decision-making in older adults is nuanced and not characterized by a general avoidance of risk.