Show simple item record

Age Differences in Risk: Perceptions, Intentions and Domains

dc.contributor.authorBonem, Emily M.en_US
dc.contributor.authorEllsworth, Phoebe C.en_US
dc.contributor.authorGonzalez, Richarden_US
dc.date.accessioned2015-10-07T20:43:04Z
dc.date.available2016-12-01T14:33:05Zen
dc.date.issued2015-10en_US
dc.identifier.citationBonem, Emily M.; Ellsworth, Phoebe C.; Gonzalez, Richard (2015). "Age Differences in Risk: Perceptions, Intentions and Domains." Journal of Behavioral Decision Making 28(4): 317-330.en_US
dc.identifier.issn0894-3257en_US
dc.identifier.issn1099-0771en_US
dc.identifier.urihttps://hdl.handle.net/2027.42/113748
dc.description.abstractAlthough it is commonly assumed that older people are more cautious and risk averse than their younger counterparts, the research on age differences in risk taking is mixed. While some research has found that older adults are less risk seeking, other research has found the opposite or no differences. One explanation is that age differences vary across risk domains. In two studies, we surveyed three adult age groups ranging in age from 18 to 83 on their risk perceptions and intentions of risky behaviors across several domains. Our studies showed that compared with young adults, older adults tend to see more risk in behaviors in health and ethical domains but less risk in behaviors from the social domain. A similar pattern occurred for participants' intentions of engaging in the risky behaviors. Older adults rated risky behaviors from health and ethical domains as less enjoyable and less likely to produce gains than young adults, whereas they rated risky behaviors from the social domain as more enjoyable, less unpleasant, and less likely to produce losses than young adults. These results suggest that age differences in risk preferences may vary across domains and may result from differing motivations. Copyright © 2015 John Wiley & Sons, Ltd.en_US
dc.publisherUniversity of Mebraska Pressen_US
dc.publisherWiley Periodicals, Inc.en_US
dc.subject.otherdomain‐specific risken_US
dc.subject.otherolder adultsen_US
dc.subject.otherrisk preferencesen_US
dc.subject.otherrisk takingen_US
dc.titleAge Differences in Risk: Perceptions, Intentions and Domainsen_US
dc.typeArticleen_US
dc.rights.robotsIndexNoFollowen_US
dc.subject.hlbsecondlevelPsychologyen_US
dc.subject.hlbtoplevelSocial Sciencesen_US
dc.description.peerreviewedPeer Revieweden_US
dc.description.bitstreamurlhttp://deepblue.lib.umich.edu/bitstream/2027.42/113748/1/bdm1848.pdf
dc.identifier.doi10.1002/bdm.1848en_US
dc.identifier.sourceJournal of Behavioral Decision Makingen_US
dc.identifier.citedreferenceRiley, W. B., & Chow, K. V. ( 1992 ). Asset allocation and individual risk aversion. Financial Analysts Journal, 48, 32 – 38.en_US
dc.identifier.citedreferenceMacPherson, S. E., Phillips, L. H., & Della Sala, S. ( 2002 ). Age, executive function and social decision making: A dorsolateral prefrontal theory of cognitive aging. Psychology and Aging, 17 ( 4 ), 598 – 609.en_US
dc.identifier.citedreferenceMather, M. ( 2006 ). A review of decision‐making processes: Weighing the risks and benefits of aging. When I'm 64, 145; 145 – 173; 173.en_US
dc.identifier.citedreferenceMather, M., Mazar, N., Gorlick, M. A., Lighthall, N. R., Burgeno, J., Schoeke, A., & Ariely, D. ( 2012 ). Risk preferences and aging: The “certainty effect” in older adults' decision making. Psychology and Aging, 27 ( 4 ), 801 – 816.en_US
dc.identifier.citedreferenceOkun, M. A. ( 1976 ). Adult age and cautiousness in decision: A review of the literature. Human Development, 19 ( 4 ), 220 – 233.en_US
dc.identifier.citedreferencePatton, J. H., Stanford, M. S., & Barratt, E. S. ( 1995 ). Factor structure of the Barratt Impulsiveness Scale. Journal of Clinical Psychology, 51 ( 6 ), 768 – 774.en_US
dc.identifier.citedreferenceReece, M., Herbenick, D., Schick, V., Sanders, S. A., Dodge, B., & Fortenberry, J. D. ( 2010 ). Condom use rates in a national probability sample of males and females ages 14 to 94 in the United States. Journal of Sexual Medicine, 7, 266 – 276.en_US
dc.identifier.citedreferenceReyna, V. F. ( 2004 ). How people make decisions that involve risk: A dual‐processes approach. Current Directions in Psychological Science, 13 ( 2 ), 60 – 66.en_US
dc.identifier.citedreferenceReyna, V. F., Estrada, S. M., DeMarinis, J. A., Myers, R. M., Stanisz, J. M., & Mills, B. A. ( 2011 ). Neurobiological and memory models of risky decision making in adolescents versus young adults. Journal Of Experimental Psychology: Learning, Memory, And Cognition, 37 ( 5 ), 1125 – 1142.en_US
dc.identifier.citedreferenceRoalf, D. R., Mitchell, S. H., Harbaugh, W. T., & Janowsky, J. S. ( 2012 ). Risk, reward, and economic decision making in aging. The Journals of Gerontology Series B: Psychological Sciences and Social Sciences, 67B ( 3 ), 289 – 298.en_US
dc.identifier.citedreferenceRolison, J. J., Hanoch, Y., & Wood, S. ( 2012 ). Risky decision making in younger and older adults: The role of learning. Psychology and Aging, 27 ( 1 ), 129 – 140.en_US
dc.identifier.citedreferenceRoth, M., & Hammelstein, P. ( 2012 ). The need inventory of sensation seeking (NISS). European Journal of Psychological Assessment, 28 ( 1 ), 11 – 18.en_US
dc.identifier.citedreferenceSamanez‐Larkin, G., Kuhnen, C. M., Yoo, D. J., & Knutson, B. ( 2010 ). Variability in nucleus accumbens activity mediates age‐related suboptimal financial risk taking. The Journal of Neuroscience, 30 ( 4 ), 1426 – 1434.en_US
dc.identifier.citedreferenceSchoemaker, P. J. H. ( 1990 ). Are risk preferences related across payoff domains and response modes? Management Science, 36, 1451 – 1463.en_US
dc.identifier.citedreferenceSpinella, M. ( 2007 ). Normative data and a short form of the Barratt Impulsiveness Scale. International Journal of Neuroscience, 117 ( 3 ), 359 – 368.en_US
dc.identifier.citedreferenceWallach, M. A., & Kogan, N. ( 1961 ). Aspects of judgment and decision making: Interrelationships and changes with age. Behavioral Science, 6, 23 – 36.en_US
dc.identifier.citedreferenceWeber, E. U. ( 1998 ). Who's afraid of a little risk? New evidence for general risk aversion. In J. Shanteau, B. A. Mellers, & D. Schum (Eds.), Decision research from Bayesian approaches to normative systems: Reflections on the Countributions of Ward Edwards (pp. 53 – 64 ). Norwell, MA: Kluwer.en_US
dc.identifier.citedreferenceWeber, E. U., Blais, A., & Betz, N. E. ( 2002 ). A domain‐specific risk‐attitude scale: Measuring risk perceptions and risk behaviors. Journal of Behavioral Decision Making, 15 ( 4 ), 263 – 290.en_US
dc.identifier.citedreferenceWeller, J. A., Levin, I. P., & Denburg, N. L. ( 2011 ). Trajectory of risky decision making for potential gains and losses from ages 5 to 85. Journal of Behavioral Decision Making, 24 ( 4 ), 331 – 344.en_US
dc.identifier.citedreferenceWelte, J., Barnes, G., Wieczorek, W., Tidwell, M., & Parker, J. ( 2001 ). Alcohol and gambling pathology among U. S. adults: Prevalence, demographic patterns and comorbidity. Journal of Studies on Alcohol, 62 ( 5 ), 706 – 712.en_US
dc.identifier.citedreferenceZamarian, L., Sinz, H., Bonatti, E., Gamboz, N., & Delazer, M. ( 2008 ). Normal aging affects decisions under ambiguity, but not decisions under risk. Neuropsychology, 22 ( 5 ), 645 – 657.en_US
dc.identifier.citedreferenceLeichter, H. M. ( 1997 ). Morality and health, In A. M. Brandt, & P. Rozin (Eds.), Morality and health (pp. 359 – 378 ). New York, NY: Routledge Inc.en_US
dc.identifier.citedreferenceAlbert, D., & Steinberg, L. ( 2011 ). Judgment and decision making in adolescence. Journal of Research on Adolescence, 21 ( 1 ), 211 – 224.en_US
dc.identifier.citedreferenceArnett, J. ( 1992 ). Reckless behavior in adolescence: A developmental perspective. Developmental Review, 12 ( 4 ), 339 – 373.en_US
dc.identifier.citedreferenceBlais, A., & Weber, E. U. ( 2006 ). A domain‐specific risk‐taking (DOSPERT) scale for adult populations. Judgment and Decision Making, 1 ( 1 ), 33 – 47.en_US
dc.identifier.citedreferenceBotwinick, J., & Thompson, L. W. ( 1966 ). Components of reaction time in relation to age and sex. The Journal of Genetic Psychology: Research and Theory on Human Development, 108 ( 2 ), 175 – 183.en_US
dc.identifier.citedreferenceCarstensen, L. L. ( 1993 ). Motivation for social contact across the life span: A theory of socioemotional selectivity, In J. E. Jacobs (Ed.), Nebraska Symposium on Motivation, 1992: Developmental perspectives on motivation (pp. 209 – 254 ). Lincoln, NE, US: University of Mebraska Press.en_US
dc.identifier.citedreferenceCenters for Disease Control and Prevention (CDC). ( 2008 ). HIV/AIDS among Persons Aged 50 and Older. Atlanta, GA: U.S. Department of Health and Human Services.en_US
dc.identifier.citedreferenceChaubey, N. P. ( 1974 ). Effect of age on expectancy of success and on risk‐taking behavior. Journal of Personality and Social Psychology, 29 ( 6 ), 774 – 778.en_US
dc.identifier.citedreferenceChou, K., Lee, T. M. C., & Ho, A. H. Y. ( 2007 ). Does mood state change risk taking tendency in older adults? Psychology and Aging, 22 ( 2 ), 310 – 318.en_US
dc.identifier.citedreferenceDenburg, N. L., Recknor, E. C., Bechara, A., & Tranel, D. ( 2006 ). Psychophysiological anticipation of positive outcomes promotes advantageous decision‐making in normal older persons. International Journal of Psychophysiology, 61 ( 1 ), 19 – 25.en_US
dc.identifier.citedreferenceDenburg, N. L., Tranel, D., & Bechara, A. ( 2005 ). The ability to decide advantageously declines prematurely in some normal older persons. Neuropsychologia, 43 ( 7 ), 1099 – 1106.en_US
dc.identifier.citedreferenceDiamond, J. ( 2013, January 28). That daily shower can be a killer. New York Times.en_US
dc.identifier.citedreferenceDror, I. E., Katona, M., & Mungur, K. ( 1998 ). Age differences in decision making: To take a risk or not? Gerontology, 44 ( 2 ), 67 – 71.en_US
dc.identifier.citedreferenceFein, G., McGillivray, S., & Finn, P. ( 2007 ). Older adults make less advantageous decisions than younger adults: Cognitive and psychological correlates. Journal of the International Neuropsychological Society, 13 ( 3 ), 480 – 489.en_US
dc.identifier.citedreferenceFigner, B., & Weber, E. U. ( 2011 ). Who takes risks when and why? Determinants of risk taking. Current Directions in Psychological Science, 20 ( 4 ), 211 – 216.en_US
dc.identifier.citedreferenceFredrickson, B. L., & Carstensen, L. L. ( 1990 ). Choosing social partners: How old age and anticipated endings make people more selective. Psychology And Aging, 5 ( 3 ), 335 – 347.en_US
dc.identifier.citedreferenceGardner, M., & Steinberg, L. ( 2005 ). Peer influence on risk taking, risk preference, and risky decision making in adolescence and adulthood: An experimental study. Developmental Psychology, 41 ( 4 ), 625 – 635.en_US
dc.identifier.citedreferenceHeckhausen, J., Dixon, R. A., & Baltes, P. B. ( 1989 ). Gains and losses in development throughout adulthood as perceived by different adult age groups. Developmental Psychology, 25 ( 1 ), 109 – 121.en_US
dc.identifier.citedreferenceHoyle, R. H., Stephenson, M. T., Palmgreen, P., Pugzles Lorch, E., & Donohew, R. L. ( 2002 ). Reliability and validity of a brief measure of sensation seeking. Personality and Individual Differences, 32 ( 3 ), 401 – 414.en_US
dc.identifier.citedreferenceKahneman, D., & Tversky, A. ( 1979 ). On the interpretation of intuitive probability: A reply to Jonathan Cohen. Cognition, 7 ( 4 ), 409 – 411.en_US
dc.identifier.citedreferenceKogan, N., & Wallach, M. A. ( 1961 ). Age changes in values and attitudes. Journal of Gerontology, 16, 272 – 280.en_US
dc.identifier.citedreferenceKovalchik, S., Camerer, C. F., Grether, D. M., Plott, C. R., & Allman, J. M. ( 2005 ). Aging and decision making: A comparison between neurologically healthy elderly and young individuals. Journal of Economic Behavior & Organization, 58 ( 1 ), 79 – 94.en_US
dc.owningcollnameInterdisciplinary and Peer-Reviewed


Files in this item

Show simple item record

Remediation of Harmful Language

The University of Michigan Library aims to describe library materials in a way that respects the people and communities who create, use, and are represented in our collections. Report harmful or offensive language in catalog records, finding aids, or elsewhere in our collections anonymously through our metadata feedback form. More information at Remediation of Harmful Language.

Accessibility

If you are unable to use this file in its current format, please select the Contact Us link and we can modify it to make it more accessible to you.