Decision-making Strategies and Performance among Seniors

Title: Decision-making Strategies and Performance among Seniors
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.

Categories:
  • Behavioral Economics
  • Experimental Economics
  • Uncertainty and Decision-Making
Related Links:
Related Departments:
  • School of Economics