Economics at your fingertips  

Older Adults Place Lower Value on Choice Relative to Young Adults

Joseph A. Mikels, Andrew E. Reed and Kosali Simon ()

Journals of Gerontology: Series B, 2009, vol. 64B, issue 4, 443-446

Abstract: Choice is highly valued in modern society, from the supermarket to the hospital; however, it remains unknown whether older and younger adults place the same value on increased choice. The current investigation tested whether 53 older (M age = 75.44 years) versus 53 younger adults (M age = 19.58 years) placed lower value on increased choice by examining the monetary amounts they were willing to pay for increased prescription drug coverage options--important given the recently implemented Medicare prescription drug program. Results indicate that older adults placed lower value on increasing choice sets relative to younger adults, who placed progressively higher value on increasingly larger choice sets. These results are discussed regarding their implications for theory and policy. Copyright 2009, Oxford University Press.

Date: 2009
References: Add references at CitEc
Citations: View citations in EconPapers (1) Track citations by RSS feed

Downloads: (external link) (application/pdf)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link:

Ordering information: This journal article can be ordered from

Access Statistics for this article

Journals of Gerontology: Series B is currently edited by Rosemary Blieszner

More articles in Journals of Gerontology: Series B from Gerontological Society of America Oxford University Press, Great Clarendon Street, Oxford OX2 6DP, UK.
Bibliographic data for series maintained by Oxford University Press ().

Page updated 2019-12-25
Handle: RePEc:oup:geronb:v:64b:y:2009:i:4:p:443-446