Age differences in risky choice: a meta-analysis
JournalItem (Reviews, Editorials, Rezensionen, Urteilsanmerkungen etc. in einer wissenschaftlichen Zeitschrift)
ID 4327118
Author(s) Mata, Rui; Josef, Anika; Samanez-Larkin, Gregory R; Hertwig, Ralph
Author(s) at UniBasel Mata, Rui
Hertwig, Ralph
Josef, Anika
Year 2011
Title Age differences in risky choice: a meta-analysis
Journal Annals of the New York Academy of Sciences
Volume 1235
Pages 18-29
Keywords aging, risk, meta-analysis, decisions from description, decisions from experience

Does risk taking change as a function of age? We conducted a systematic literature search and found 29 comparisons between younger and older adults on behavioral tasks thought to measure risk taking (N= 4,093). The reports relied on various tasks differing in several respects, such as the amount of learning required or the choice framing (gains vs. losses). The results suggest that age-related differences vary considerably as a function of task characteristics, in particular the learning requirements of the task. In decisions from experience, age-related differences in risk taking were a function of decreased learning performance: older adults were more risk seeking compared to younger adults when learning led to risk-avoidant behavior, but were more risk averse when learning led to risk-seeking behavior. In decisions from description, younger adults and older adults showed similar risk-taking behavior for the majority of the tasks, and there were no clear age-related differences as a function of gain/loss framing. We discuss limitations and strengths of past research and provide suggestions for future work on age-related differences in risk taking.

Full Text on edoc
Digital Object Identifier DOI 10.1111/j.1749-6632.2011.06200.x
PubMed ID
ISI-Number WOS:000299292300003
Document type (ISI) Article

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