Risk aversion is associated with decision making among community-based older persons

Frontiers in Psychology

Volumn 3, Issue JUN, 2012, Pages

  Boyle, Patricia A ^a,b   Yu, Lei ^a,b   Buchman, Aron S ^a,b   Bennett, David A ^a,b  

^a RUSH UNIVERSITY MEDICAL CENTER   (United States)

^b RUSH MEDICAL COLLEGE   (United States)

Author keywords

Aging; Cognition; Decision making; Risk aversion

Indexed keywords

EID: 84867043906     PISSN: None     EISSN: 16641078     Source Type: Journal    
DOI: 10.3389/fpsyg.2012.00205     Document Type: Article

References (33)

1. Agarwal, S., Driscoll, J. C., Gabaix, X., and Laibson, D. (2009). The age of reason: financial decisions over the life-cycle and implications for regulation. Brookings Pap. Econ. Act. 2, 51-117.
2. Anderson, L. R., and Mellor, J. M. (2008). Predicting health behaviors with an experimental measure of risk preference. J. Health Econ. 27, 1260-1274.
3. Barsky, B., Juster, F. T., Kimball, M., and Shapiro, M. (1997). Preference parameters and behavioral heterogeneity: an experimental approach in the Health and Retirement Study. Q. J. Econ. 112, 537-579.
4. Bennett, D. A., Schneider, J. A., Buchman, A. S., Mendes de Leon, C., Bienais, J. L., and Wilson, R. S. (2005). The Rush Memory and Aging Project: study design and baseline characteristics of the study cohort. Neuroepidemiology 25, 163-175.
5. Boyle, P. A., Wilson, R. S., Aggarwal, N. T., Tang, Y., and Bennett, D. A. (2006). Mild cognitive impairment: risk of Alzheimer disease and rate of cognitive decline. Neurology 67, 441-445.
6. Boyle, P. A., Yu, L., Buchman, A. S., Laibson, D. I., and Bennett, D. A. (2011). Cognitive function is associated with risk aversion in community-based older persons. BMC Geriatr. 11, 53. doi:10.1186/1471-2318-11-53
7. Brand, M., and Markowitsch, H. J. (2010). Aging and decision-making: a neurocognitive perspective. Geron- tology 56, 319-324.
8. Brand, M., Recknor, E. C., Grabenhorst, F., and Bechara, A. (2007). Decisions under ambiguity and decisions under risk: correlations with executive functions and comparisons of two different gambling tasks with implicit and explicit rules. J. Clin. Exp. Neuropsychol. 29, 86-99.
9. Brand, M., Roth-Bauer, M. R., Driessen, M., and Markowitsch, H. J. (2008). Executive functions and risky decision making in patients with opiate dependence. Drug Alcohol Depend. 97, 64-72.
10. Carstensen, L. L., Mikels, J. A., and Mather, M. (2006). "Aging and the intersection of cognition, motivation, and emotion," in Handbook of the Psychology of Aging, 6th Edn, eds J Birren and K. W. Schai (San Diego: Academic Press), 343-363
11. Cohn, R. A., Lewellen, W. G., Lease, R. C., and Scharbaum, G. G. (1975). Individual investor risk aversion and investment portfolio composition. J. Finance 30, 605-620.
12. Cramer, A., Hartog, J., Jonker, N., and VanPragg, C. M. (2002). Low risk aversion encourages the choice for entrepreneurship: an empirical test of a truism. J. Econ. Behav. Organ. 48, 29-36.
13. Deakin, J., Aitken, M., Robbins, T., and Sahakian, B. J. (2004). Risk taking during decision-making in normal volunteers changes with age. J. Int. Neuropsychol. Soc. 10, 590-598.
14. Denburg, N., Tranel, D., and Bechara, A. (2005). The ability to decide advantageously declines prematurely in some normal older persons. Neu- ropsychologia 7, 1099-1106.
15. Denburg, N., Weller, J. A., Yamada, T. H., Shivapour, D. M., Kaup, A. R., LaLoggia, A., Cole, C. A., Tranel, D., and Bechara, A. (2009). Poor decision making among older adults is related to elevated levels of neuroticism. Ann. Behav. Med. 37, 64-172.
16. Dohmen, T., Falk, A., Huffman, D., and Sundwm, U. (2010). Are risk aversion and impatience related to cognitive ability? Am. Econ. Rev. 100, 1238-1260.
17. Donkers, B., and van Soest, A. (1999). Subjective measures of household preferences and financial decisions. J. Econ. Psychol. 6, 613-642.
18. Finucane, M. D., Mertz, C. K., Slovik, P., and Schmidt, E. S. (2005). Task complexity and older adults' decision making competence. Psychol. Aging 1, 71-84.
19. Finucane, M. L., and Guillon, C. M. (2010). Developing a tool for measuring the decision making competence of older adults. Psychol. Aging 2, 271-288.
20. Glenn, W., Harrison, E., and Rutström, E. (2008). "Risk aversion in the laboratory," in Risk Aversion in Experi- ments (Research in Experimental Eco- nomics, Vol. 12), eds J. C. Cox and G. W. Harrison (Wagon Lane: Emerald Group Publishing Limited), 41-196.
21. Guiso, L., and Paiella, M. (2004). The Role of Risk Aversion in Explaining Individual Behaviors. CEPR Discussion Paper No. 4591, Rome
22. Han, S. D., Boyle, P. A., Arfanakis, K., Fleischman, D. A., Yu, L., Edmonds, E. C., and Bennett, D. A. (2012). Neural intrinsic connectivity networks associated with risk aversion in old age. Behav. Brain Res. 227, 233-240.
23. Harrison, G. W., List, J. A., and Town, C. (2007). Naturally occurring preference and exogenous laboratory experiments: a case study of risk aversion. Econometrika 2, 433-458.
24. Hatfield, J., and Fernandes, R. (2009). The role of risk-propensity in the risky driving of younger drivers. Accid. Anal. Prev. 41, 25-35.
25. Henninger, D. E., Madden, D. J., and Huettel, S. A. (2010). Processing speed and memory mediate age related differences in decision making. Psychol. Aging 25, 262-270.
26. Kimball, M., Sahm, C., and Shapiro, M. (2009). Risk preferences in the PSID: individual imputations and family covariation. Am. Econ. Rev. 99, 363-368.
27. Lauriola, M., and Levin, I. P. (2001). Personality traits and risky decision making in a controlled task: an exploratory study. Pers. Individ. Dif. 312, 215-226.
28. Mata, R., Josef, A. K., Samanez-Larkin, G. R., and Hertwig, R. (2011). Age differences in risky choice: a metaanalysis. Ann. N. Y. Acad. Sci. 1235, 18-29.
29. Mikels, J. A., and Reed, A. E. (2009). Monetary losses do not loom large in later life: age differences in the framing effect. J. Geron- tol. B Psychol. Sci. Soc. Sci. 4, 457-460.
30. Rolison, J. J., Hanoch, Y., and Wood, S. (2012). Risky decision making in younger and older adults: the role of learning. Psychol. Aging 27, 129-140.
31. Samanez-Larkin, G. R., Kuhnen, C. M., Yoo, D. J., and Knutson, B. (2010). Variability in nucleus accumbens activity mediates age-related suboptimal financial risk taking. J. Neu- rosci. 30, 1426-1434.
32. SAS Institute Inc. (2009). SAS/STAT User's Guide, Version 9. 3. Cary, NC: SAS Institute Inc.
33. Wilson, R. S., Barnes, L. L., Krueger, K. R., Hoganson, G., Bienias, J. L., and Bennett, D. A. (2005). Early and late-life cognitive activity and cognitive systems in old age. J. Int. Neuropsychol. Soc. 11, 400-407.