@article{ref1,
title="Differential focus on probability and losses between young and older adults in risky decision-making",
journal="Aging, neuropsychology and cognition",
year="2019",
author="O'Brien, Erica L. and Hess, Thomas M.",
volume="ePub",
number="ePub",
pages="1-21",
abstract="We examined young and older adults' use of descriptive information about risk (i.e., probability and expected value) in financial decision-making. In Experiment 1, participants chose between lotteries in pairs of bets that offered either two risky gains or one risky gain and one sure gain. Whereas they showed a strong and indiscriminate preference for high-probability gambles in risky-risky pairs, they selected sure options at high rates and risky options at low rates in risky-sure pairs, with slightly stronger effects in older relative to young adults due to age differences in ability. Experiment 2 involved the same task but in terms of losses. Participants, especially older adults, preferred low-probability gambles not accounted for by age differences in ability. <br><br>RESULTS suggest minimal consideration of expected value and a strong focus on probabilities in decision-making. They also suggest that cognitive ability and chronic goals differentially influence age effects depending on risk context.<p /> <p>Language: en</p>",
language="en",
issn="1382-5585",
doi="10.1080/13825585.2019.1642442",
url="http://dx.doi.org/10.1080/13825585.2019.1642442"
}