Related Experiment Videos
Cautiousness in adulthood as a function of age and payoff structure
Journal of Gerontology
|July 1, 1977
Summary
Older adults are not necessarily more cautious than younger adults. Risk-taking behavior in both age groups depends significantly on the payoff structure, challenging previous assumptions about age and caution.
Area of Science:
- Cognitive Psychology
- Neuroscience
- Behavioral Economics
Background:
- Previous research suggested older adults exhibit greater caution than younger adults.
- This notion is often based on studies with constant payoff structures.
Purpose of the Study:
- To investigate age-related differences in risk-taking behavior.
- To examine the influence of varying payoff structures on risk-taking in young and older adults.
Main Methods:
- A vocabulary task was administered to 18 young (mean age 21.50) and 18 older (mean age 68.17) adults.
- Participants faced payoff structures that varied directly or inversely with risk.
Main Results:
- Contrary to prior findings, older adults did not demonstrate significantly more caution than younger adults.
- Risk-taking propensity was found to be dependent on the specific payoff structure for both age groups.
Conclusions:
- The generalization that the elderly are more cautious than young adults is questioned by these findings.
- Risk assessment and decision-making should be studied in conjunction with the associated payoff structures.