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Related Experiment Videos

Age differences in performance awareness on a complex financial decision-making task

D A Hershey1, J A Wilson

  • 1Department of Psychology, Oklahoma State University, Stillwater 74078, USA.

Experimental Aging Research
|July 1, 1997
PubMed
Summary

Younger adults became less confident after training, unlike older adults. Decision-making confidence and accuracy depend on task knowledge, experience, and self-esteem.

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Area of Science:

  • Cognitive Psychology
  • Gerontology
  • Decision Science

Background:

  • Individuals often exhibit overconfidence in retrospective judgments of their decision quality.
  • Limited research has explored age-related differences in decision quality estimation.
  • Understanding these age differences is crucial for cognitive aging and decision-making research.

Purpose of the Study:

  • To investigate age differences in retrospective decision quality estimates.
  • To examine the impact of task-specific training on confidence levels in young and old adults.
  • To identify factors influencing the accuracy of performance estimates.

Main Methods:

  • Complex financial decision-making tasks were administered to young and old participants.
  • Participants were categorized as either task-trained or untrained.

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  • Confidence levels were assessed by comparing perceived and actual decision quality.

    • Main Results:

    • All groups demonstrated estimation errors, but no significant over- or underconfidence bias was observed.
    • Younger trainees reported significantly lower confidence than young novices.
    • A comparable training effect on confidence was not observed in older individuals.

    Conclusions:

    • Task knowledge, prior experience, and self-esteem appear to influence the accuracy of retrospective performance estimates.
    • Training impacts decision confidence differently across age groups.
    • Future research should explore the interplay of these factors in age-related decision-making accuracy.