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Journal of Economic Behavior & Organization Vol. 58 (2005) 7994

Summary: Journal of Economic Behavior & Organization
Vol. 58 (2005) 7994
Aging and decision making: a comparison between
neurologically healthy elderly and young individuals
Stephanie Kovalchika,1, Colin F. Camererb,2, David M. Gretherb,,
Charles R. Plottb,3, John M. Allmanc,4
a California Institute of Technology, MSC 323, Pasadena, CA 91125, USA
b California Institute of Technology, MSC 228-77, Pasadena, CA 91125, USA
c California Institute of Technology, MSC 216-76, Pasadena, CA 91125, USA
Received 17 March 2003; accepted 15 December 2003
Available online 15 December 2004
We report the results of experiments on economic decisions with two populations, one of healthy
elderly individuals (average age 82) and one of younger students (average age 20). We examine
confidence, decisions under uncertainty, differences between willingness to pay and willingness to
accept and the theory of mind (strategic thinking). Our findings indicate that the older adults' decision
behavior is similar to that of young adults, contrary to the notion that economic decision making is
impaired with age. Moreover, some of the demonstrated decision behaviors suggest that the elderly
individuals are less biased than the younger individuals.
2004 Elsevier B.V. All rights reserved.


Source: Allman, John M. - Division of Biology, California Institute of Technology


Collections: Biology and Medicine