Convergence of Age Differences in Risk Preference, Impulsivity, and Self-Control: A Multiverse Analysis

Area of Science:

• Psychology
• Neuroscience
• Behavioral Economics

Background:

• Existing theories on age and risk preference offer conflicting predictions.
• Many theories fail to consider convergence across measurement modalities or constructs.
• Conceptual clarification is needed for age-related differences in risk-taking behavior.

Purpose of the Study:

• To comprehensively examine age effects on risk preference, impulsivity, and self-control.
• To assess the convergence of these constructs across different measurement modalities.
• To refine theoretical understanding of age-related differences in decision-making.

Main Methods:

• Collected self-report, informant report, behavioral, hormonal, and neuroimaging data from 148 healthy adults (16-81 years).
• Utilized an extended sample of 182 participants for robustness checks.
• Employed specification curve analyses to evaluate convergence across modalities and constructs.

Main Results:

• Multiverse analysis revealed convergent age effects (negative) for risk preference, impulsivity, and self-control from self- and informant reports.
• Age effects were largely absent in behavioral, hormonal, and neuroimaging measures.
• Demonstrated varying convergence depending on measurement modality.

Conclusions:

• Findings highlight discrepancies between subjective reports and objective measures regarding age-related differences.
• Call for improved operationalization and conceptual clarity to understand decision-making across the lifespan.
• Suggests that self-perceptions of risk and control may change with age, unlike objective behavioral or biological markers.