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Life-Course Trajectories of Risk-Taking Propensity: A Coordinated Analysis of Longitudinal Studies
Yunrui Liu1, Alexandra Bagaïni1, Gayoung Son1
1Center for Cognitive and Decision Sciences, University of Basel, Basel, Switzerland.
Summary
Risk-taking propensity declines with age across various domains. While males generally take more risks than females, this difference does not significantly change with age, highlighting domain-specific variations.
Area of Science:
- Psychology
- Behavioral Economics
- Sociology
Background:
- Understanding how risk preference evolves throughout adulthood is crucial for various fields.
- Previous research has yielded mixed findings on age-related changes in risk-taking behavior.
Purpose of the Study:
- To provide the first meta-analytic estimates of longitudinal age differences in risk-taking propensity.
- To examine these differences across general and specific domains of risk.
Main Methods:
- A coordinated analysis of 26 longitudinal samples (187,733 participants) from 19 countries.
- Data covered risk-taking in financial, driving, recreational, occupational, and health domains over multiple waves.
Main Results:
- A consistent negative association between age and risk-taking propensity was observed across all domains.
- Females exhibited lower risk-taking than males throughout life, with no significant age-by-gender interaction.
- Significant heterogeneity in age differences was found across different domains and samples.
Conclusions:
- Age-related declines in risk-taking are systematic and widespread but vary by domain.
- Emphasizes the need for domain-specific and population-level data for accurate modeling of risk preference in economic and policy contexts.
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