Are older adults less subject to the sunk-cost fallacy than younger adults?: Short report

Psychological Science

Volumn 19, Issue 7, 2008, Pages 650-652

  Strough, JoNell ^b   Mehta, Clare M ^b   McFall, Joseph P ^b   Schuller, Kelly L ^a,b  

^a School of Business

^b WEST VIRGINIA UNIVERSITY   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

ADOLESCENT; ADULT; AGED; ARTICLE; DECISION MAKING; FEMALE; HUMAN; MALE; MIDDLE AGED; REACTION TIME;

ADOLESCENT; ADULT; AGED; AGED, 80 AND OVER; DECISION MAKING; FEMALE; HUMANS; MALE; MIDDLE AGED; REACTION TIME;

EID: 47649114095     PISSN: 09567976     EISSN: 14679280     Source Type: Journal    
DOI: 10.1111/j.1467-9280.2008.02138.x     Document Type: Article

References (17)

1. Arkes, H. Ayton, P. (1999). The sunk cost and Concorde effects: Are humans less rational than lower animals? Psychological Bulletin, 125, 591 600.
2. Baumeister, R., Bratslavsky, E., Finkenauer, C. Vohs, K. (2001). Bad is stronger than good. Review of General Psychology, 5, 323 370.
3. Bruine de Bruin, W., Parker, A.M. Fischhoff, B. (2007). Individual differences in adult decision-making competence. Journal of Personality and Social Psychology, 92, 938 956.
4. Carstensen, L. Mikels, J. (2005). At the intersection of emotion and cognition: Aging and the positivity effect. Current Directions in Psychological Science, 14, 117 121.
5. Finucane, M., Mertz, C., Slovic, P. Schmidt, E. (2005). Task complexity and older adults' decision-making competence. Psychology and Aging, 20, 71 84.
6. Frisch, D. (1993). Reasons for framing effects. Organizational Behavior and Human Decision Processes, 54, 399 429.
7. Kaufman, A.S. Kaufman, N.L. (1990). Kaufman Brief Intelligence Test. Circle Pines, MN : American Guidance Service.
8. Kim, S. Hasher, L. (2005). The attraction effect in decision making: Superior performance by older adults. Quarterly Journal of Experimental Psychology, 58A, 120 133.
9. Klaczynski, P. (2001). Framing effects on adolescent task representations, analytic and heuristic processing, and decision making: Implications for the normative/descriptive gap. Applied Developmental Psychology, 22, 289 309.
10. Navarro, A.D. Fantino, E. (2005). The sunk cost effect in pigeons and humans. Journal of the Experimental Analysis of Behavior, 83, 1 13.
11. Peters, E., Hess, T.H., Västfjäll, D. Auman, C. (2007). Adult age differences in dual information processes: Implications for the role of affective and deliberative processes in older adults' decision making. Perspectives on Psychological Science, 2, 1 23.
12. Soman, D. (2004). Framing, loss aversion, and mental accounting. In D.J. Koehler N. Harvey (Eds.), Blackwell handbook of judgment and decision making (pp. 379 398). Malden, MA : Blackwell.
13. Stanovich, K.E. West, R.F. (1999). Discrepancies between normative and descriptive models of decision making and the understanding/acceptance principle. Cognitive Psychology, 38, 349 385.
14. Stanovich, K.E. West, R.F. (2000). Individual differences in reasoning: Implications for the rationality debate? [Target article and commentaries]. Behavioral and Brain Sciences, 23, 645 726.
15. Strough, J., McFall, J.P., Flinn, J.A. Schuller, K.L. (in press). Collaborative everyday problem solving among same-gender friends in early and later adulthood. Psychology and Aging.
16. Wechsler, D. (1997). Wechsler Adult Intelligence Scale - Third Edition. San Antonio, TX : Psychological Corp.
17. Wood, S., Busemeyer, J., Koling, A., Cox, C. Davis, H. (2005). Older adults as adaptive decision makers: Evidence from the Iowa gambling task. Psychology and Aging, 20, 220 225.