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Time preferences of older people with mild cognitive impairment

Y. Bayer, B.J. Ruffle, R. Zultan, T. Dwolatzky ()
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Y. Bayer, B.J. Ruffle, R. Zultan, T. Dwolatzky: Wilfrid Laurier University

Authors registered in the RePEc Author Service: רועי זולטן (), Yaakov M. Bayer and Bradley Ruffle ()

LCERPA Working Papers from Laurier Centre for Economic Research and Policy Analysis

Abstract: Cognitive impairment has a detrimental influence on the decision-making capabilities of older people. This study investigates the ways in which the time preferences of older adults with mild cognitive impairment (MCI) are influenced by their executive cognitive abilities. Within the framework of this study, older adults underwent a cognitive evaluation using a computerized cognitive assessment battery and then responded to a questionnaire eliciting their preferences for changing amounts of money and time periods. We found that those individuals with better executive cognitive abilities displayed a lower rate of subjective discounting. This study advances our understanding of economic decision-making in old age, especially as influenced by cognitive decline. We hope that our findings will serve as a catalyst in the construction of financial tools relevant to the growing population of older people in society, and thus help to alleviate negative phenomena resulting in older individuals being subjected to fraud and discrimination.

Keywords: mild cognitive impairment; experimental economics; time preferences; financial decision-making; executive functions; old age (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-age, nep-cbe and nep-neu
Date: 2018-05-30, Revised 2018-05-30
Note: LCERPA Working Paper No. 2018-9.
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