Decision-making Strategies and Performance among Seniors
|Title:||Decision-making Strategies and Performance among Seniors|
|Publication Date:||February 2012|
|Published In:||Journal of Economic Behavior and Organization|
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|
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.