Decision-making strategies and performance among seniors

Journal of Economic Behavior and Organization

Volumn 81, Issue 2, 2012, Pages 524-533

  Besedeš, Tibor ^a   Deck, Cary ^b,f   Sarangi, Sudipta ^c,e   Shor, Mikhael ^d  

^a GEORGIA INSTITUTE OF TECHNOLOGY   (United States)

^b UNIVERSITY OF ARKANSAS   (United States)

^c LOUISIANA STATE UNIVERSITY   (United States)

^d DIW BERLIN   (Germany)

^e UNIVERSITY OF CONNECTICUT   (United States)

^f CHAPMAN UNIVERSITY   (United States)

Author keywords

Age effects; Choice overload; Decision making; Experiments; Heuristics

Indexed keywords

EID: 84856223500     PISSN: 01672681     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jebo.2011.07.016     Document Type: Article

References (32)

1. Allison P. Comparing logit and probit coefficients across groups. Sociological Methods and Research 1999, 28(2):186-208.
2. Amemiya T. Advanced Econometrics 1985, Harvard University Press, Cambridge.
3. BesedeŠ T., Deck C., Sarangi S., Shor M. Age effects and heuristics in decision making. Review of Economics and Statistics 2010, 10.1162/REST_a_00174.
4. Cabeza R. Hemispheric asymmetry reduction in old adults: the HAROLD model. Psychology and Aging 2002, 17(1):85-100.
5. Cerella J. Information processing rate in the elderly. Psychological Bulletin 1985, 98(1):67-83.
6. Cole C.A., Balasubramanian S.K. Age differences in consumers' search for information: public policy implications. Journal of Consumer Research 1993, 20(6):157-169.
7. Dawes R.M. The robust beauty of improper linear models in decision making. American Psychologist 1979, 34(7):571-582.
8. Dohmen T.J., Falk A., Huffman D., Sunde U., Schupp J., Wagner G.G. Individual risk attitudes: measurement, determinants, and behavioral consequences. Journal of the European Economic Association 2011, 9(3):522-550.
9. Frederick S. Cognitive reflection and decision making. Journal of Economic Perspectives 2005, 19(4):25-42.
10. Gilchrist A.L., Cowan N., Naveh-Benjamin M. Working memory capacity for spoken sentences decreases with adult aging: recall of fewer but not smaller chunks in older adults. Memory 2008, 16(7):773-787.
11. Goldberg M.E. Consumer decision making and aging: a commentary from a public policy marketing perspective. Journal of Consumer Psychology 2009, 19(1):28-34.
12. Hanoch Y., Wood S., Barnes A., Liu P.-J., Rice T. Choosing the right medicare prescription drug plan: the effect of age, strategy selection and choice set size. Health Psychology 2011, 10.1037/a0023951.
13. Hensher D., Louviere J., Swait J. Combining sources of preference data. Journal of Econometrics 1999, 89(1-2):197-221.
14. Hole A.R. Small-sample properties of tests for heteroscedasticity in the conditional logit model. Economics Bulletin 2006, 3(18):1-14.
15. Iyengar S.S., Lepper M.R. When choice is demotivating: can one desire too much of a good thing?. Journal of Personality and Social Psychology 2000, 79(6):995-1006.
16. Johnson M.M.S. Thinking about strategies during, before, and after making a decision. Psychology and Aging 1993, 8(2):231-241.
17. Keeney R.L, Raiffa H. Decisions with Multiple Objectives 1993, Cambridge University Press, Cambridge, UK.
18. McFadden D. Conditional logit analyses of qualitative choice behavior. Frontiers of Econometrics 1974, 105-142. Academic Press, New York. P. Zarembka (Ed.).
19. Meyer B.J., Russo C., Talbot A. Discourse comprehension and problem solving: decisions about treatment of breast cancer by women across the life span. Psychology and Aging 1995, 10(1):84-103.
20. Mittenberg W., Seidenburg M., O'Leary D.S., DiGiulio D.V. Changes in cerebral functioning associated with normal aging. Journal of Clinical and Experimental Neuropsychology 1989, 11(6):918-932.
21. Montgomery H. Decision rules and the search for a dominance structure: toward a process model of decision making. Analysing and Aiding Decision Processes 1983, 343-369. North-Holland, Amsterdam. P. Humphreys, O. Svenson, A. Vári (Eds.).
22. Payne J.W., Bettman J.R., Johnson E.J. The Adaptive Decision Maker 1993, Cambridge University Press, Cambridge, UK.
23. Scheibe S., Blanchard-Fields F. Effects of regulating emotions on cognitive performance: what is costly for young adults is not so costly for older adults. Psychology and Aging 2009, 24(1):217-223.
24. Schram A., Sonnemans J. How individuals choose health insurance: an experimental analysis. European Economic Review 2011, 55(6):799-819.
25. Schwartz B., Ward A., Monterosso J., Lyubomirsky S., White K., Lehman D.R. Maximizing versus satisficing: happiness is a matter of choice. Journal of Personality and Social Psychology 2002, 83(5):1178-1197.
26. Stern P., Carstensen L.L. The Aging Mind: Opportunities in Cognitive Aging 2000, The National Academies Press, Washington, DC.
27. Tanius B.E., Wood S., Hanoch Y., Rice T. Aging and choice: applications to medicare. Part D. Judgment and Decision Making 2009, 4(1):92-101.
28. Timmermans D. The impact of task complexity on information use in multi-attribute decision making. Journal of Behavioral Decision Making 1993, 6(2):95-111.
29. Viscusi W.K., Hersch J. Cigarette smokers as job risk takers. Review of Economics and Statistics 2001, 83(2):269-280.
30. Yoon C., Cole C.A., Lee M.P. Consumer decision making and aging: current knowledge and future directions. Journal of Consumer Psychology 2009, 19(1):2-16.
31. Zimprich D., Martin M. Can longitudinal changes in processing speed explain longitudinal age changes in fluid intelligence?. Psychology and Aging 2002, 17(4):690-695.
32. Zwahr M.D, Park D.C., Shifren K. Judgments about estrogen replacement therapy: the role of age, cognitive abilities, and beliefs. Psychology and Aging 1999, 14(2):179-191.