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12 - Age Differences in Decision Making

from Part II - Mechanisms of Cognitive Aging

Published online by Cambridge University Press:  28 May 2020

By
JoNell Strough ,
Wändi Bruine de Bruin  and
Jenna M. Wilson
Edited by
Ayanna K. Thomas  and
Angela Gutchess
Ayanna K. Thomas
Affiliation:
Tufts University, Massachusetts
Angela Gutchess
Affiliation:
Brandeis University, Massachusetts
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Summary

We review research on age differences in decision making across adulthood, focusing on behavioral decision-making tasks that measure processes fundamental to decision-making competence. We highlight mechanisms underlying decision-making competence and how to leverage research on mechanisms to design interventions to support decisions. The chapter begins with research showing that complex, multi-attribute decisions challenge aging decision makers but that this is attenuated when older adults are motivated to apply their cognitive resources. Next, we summarize research that shows that experience and knowledge can compensate for age-related fluid cognitive declines to promote better financial decision-making competence. We then highlight research showing that life-span changes in motivation, along with improvements in emotional well-being, are important for understanding age differences in decision making. We provide recommendations for designing interventions to improve health and financial decisions. We conclude by discussing gaps in the literature and directions for future research.

Keywords

decision makingexperience-based knowledgecognitive deliberation
Type
Chapter
Information
The Cambridge Handbook of Cognitive Aging
A Life Course Perspective
 , pp. 218 - 235
Publisher: Cambridge University Press
Print publication year: 2020

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