Change in Decision-Making Analysis and Preferences in Old Age

Robert S Wilson, Lei Yu, Christopher C Stewart, David A Bennett, Patricia A Boyle and Shevaun Neupert

The Journals of Gerontology: Series B, 2023, vol. 78, issue 10, 1659-1667

Abstract: ObjectivesTo test the hypotheses that decision making ability declines in old age and that a higher level of cognitive reserve is associated with a reduced rate of decline.MethodsAs part of an ongoing cohort study, 982 older adults without dementia at study enrollment completed measures of purpose in life and cognitive activity which were used as markers of cognitive reserve. At annual intervals thereafter, they completed 6 tests of decision making.ResultsIn a factor analysis of baseline decision making scores, 3 measures (financial/health literacy, financial/health decision making, scam susceptibility) loaded on an “analytic” factor and 3 (temporal discounting small stakes, temporal discounting large stakes, risk aversion) loaded on a “preferences” (for temporal discounting and avoiding risk) factor. During a mean of 4.7 years of follow-up (standard deviation = 2.9), analytic factor scores decreased (mean = 0.042-unit per year, standard error [SE] = 0.006, p

Keywords: Cognitive activity; Longitudinal study; Purpose in life; Risk aversion; Time horizons (search for similar items in EconPapers)
Date: 2023
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