Decision-making Strategies and Performance among Seniors
| Title: | Decision-making Strategies and Performance among Seniors |
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| Format: | Journal Article |
| Publication Date: | February 2012 |
| Published In: | Journal of Economic Behavior and Organization |
| Description: | Using paper and pencil experiments administered in senior centers, we examine decision-making performance in multi-attribute decision problems. We differentiate the effects of declining cognitive performance and changing cognitive process on decision-making performance of seniors as they age. We find a significant decline in performance with age due to reduced reliance on common heuristics and increased decision-making randomness among our oldest subjects. However, we find that increasing the number of options in a decision problem increases the number of heuristics brought to the task. This challenges the choice overload view that people give up when confronted with too much choice. |
| Ivan Allen College Contributors: | |
| External Contributors: | Cary Deck, Sudipta Sarangi, Mikhael Shor |
| Citation: | Besedes, Tibor, Cary Deck, Sudipta Sarangi, Mikhael Shor. "Decision-making Strategies and Performace among Seniors." Journal of Economic Behavior & Organization 81 vol. 2 (2012): 524-533. |
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