TAILIEUCHUNG - Aging and Decision Making: A Comparison between Neurologically Healthy Elderly and Young Individuals

Given that thinking steps have been shown to be modestly correlated with the efficiency of working memory (measured by digit span; see Devetag and Warglien, 2003) and aging may reduce working memory or, potentially, some other cognitive process related to strategic reasoning, these changes could lead older subjects to use lower values of n, and to choose higher numbers than younger subjects. For the actual task, participants were told that they would be playing with nine other individuals from their research population, who had gone through identical procedures before providing their numbers. A written questionnaire was used to outline the. | DIVISION OF THE HUMANITIES AND SOCIAL SCIENCES CALIFORNIA INSTITUTE OF TECHNOLOGY PASADENA CALIFORNIA 91125 AGING AND DECISION MAKING A BROAD COMPARATIVE STUDY OF DECISION BEHAVIOR IN NEUROLOGICALLY HEALTHY ELDERLY AND YOUNG INDIVIDUALS Stephanie Kovalchik Colin F. Camerer David M. Grether Charles R. Plott John M. Allman SOCIAL SCIENCE WORKING PAPER 1180 September 2003 Aging and Decision Making A Comparison between Neurologically Healthy Elderly and Young Individuals Stephanie Kovalchik Colin F. Camerer David M. Grether Charles R. Plott and John M. Allman Abstract We report the results of experiments on economic decisions with two populations one of healthy elderly individuals average age 82 and one of younger students average age 20 . We examine confidence decisions under uncertainty differences between willingness to pay and willingness to accept and the theory of mind strategic thinking . Our findings indicate that the older adults decision behavior is similar to that of young adults contrary to the notion that economic decision making is impaired with age. Choices over lotteries do not reflect the age differences previously reported in the psychology and biology literature. Moreover some of the demonstrated decision behaviors suggest that the elderly individuals are less biased than the younger individuals. 1 There is a greater prevalence of overconfident behavior in the younger population. 2 Our results show no significant support for a theory of an endowment effect in either population. 3 Both populations perform similarly on the beauty contest task although there is a modest indication of a higher incidence of confused behavior by the older JEL Classification D00 D80 D81 Keywords Age overconfidence willingness to pay accept endowment effect theory of mind game theory risk-taking 1 Corresponding author MSC 323 California Institute of Technology Pasadena CA 91126. stephk@ 1 Aging and Decision Making A Comparison between Neurologically Healthy .

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