Sources of Lower Financial Decision-making Ability at Older Ages
dc.contributor.author | Kariv, Shachar | |
dc.contributor.author | Silverman, Dan | |
dc.date.accessioned | 2016-03-10T15:47:38Z | |
dc.date.available | 2016-03-10T15:47:38Z | |
dc.date.issued | 2015-11 | |
dc.identifier.citation | Kariv, Shachar and Dan Silverman. 2015. “Sources of Lower Financial Decision-making Ability at Older Ages.” Ann Arbor, MI. University of Michigan Retirement Research Center (MRRC) Working Paper, WP 2015-335. http://www.mrrc.isr.umich.edu/publications/papers/pdf/wp335.pdf | en_US |
dc.identifier.uri | https://hdl.handle.net/2027.42/117492 | |
dc.description.abstract | After middle age, further aging is associated with lower levels of many cognitive abilities, some of which could influence import economic decisions. Our prior research (Choi et al., 2014) shows a substantial negative relationship between age and the consistency of choices with economic rationality (decisionmaking quality). This paper investigates the sources of that negative correlation using panel data on more than 4,000 members of a panel study in the Netherlands. The analysis finds no evidence that the correlation between age and rationality is, in fact, a just a cohort, not an age effect. Similarly, there is little evidence that the correlation is due to other forms of cognitive or health declines. Rather, the findings indicate that age has an independent and negative effect on economic rationality. | en_US |
dc.description.sponsorship | Social Security Administration, 5 RRC08098401-07 | en_US |
dc.language.iso | en_US | en_US |
dc.publisher | Michigan Retirement Research Center, University of Michigan, P.O. Box 1248, Ann Arbor, MI 48104 | en_US |
dc.relation.ispartofseries | WP 2015-335 | en_US |
dc.subject | Decision-making quality, rationality, revealed preference, aging | en_US |
dc.title | Sources of Lower Financial Decision-making Ability at Older Ages | en_US |
dc.title.alternative | Working Paper 2015-335 | en_US |
dc.type | Working Paper | en_US |
dc.subject.hlbsecondlevel | Population and Demography | |
dc.subject.hlbtoplevel | Social Sciences | |
dc.contributor.affiliationother | University of California-Berkeley | en_US |
dc.contributor.affiliationother | Arizona State University | en_US |
dc.contributor.affiliationumcampus | Ann Arbor | en_US |
dc.description.bitstreamurl | http://deepblue.lib.umich.edu/bitstream/2027.42/117492/1/wp335.pdf | |
dc.description.filedescription | Description of wp335.pdf : Working paper | |
dc.owningcollname | Retirement and Disability Research Center, Michigan (MRDRC) |
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