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Aging and choice: Applications to Medicare Part D

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Author Info

  • Betty E. Tanius
  • Stacey Wood
  • Yaniv Hanoch
  • Thomas Rice
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    Abstract

    We examined choice behavior in younger versus older adults using a medical decision-making task similar to Medicare Part D. The study was designed to assess age differences in choice processes in general and specifically designed to examine the effect of choice set size on performance. Data are drawn from a larger study on choice and aging, in which ninety-six younger adults (ages 18--64) and 96 older adults (ages 65--91) selected a prescription drug plan from either 6 or 24 different options. As hypothesized, choice set size was a significant predictor of individuals' ability to choose the best plan. Participants who were presented with 24 plans were less likely to choose the correct prescription drug plan. Age did not have a negative effect on decision performance; however numeracy and speed of processing significantly affected performance across groups. Older adults were more likely to be characterized as satisficers on a decision personality measure, but this categorization did not predict performance on the choice task.

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    File URL: http://journal.sjdm.org/81017/jdm81017.pdf
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    Bibliographic Info

    Article provided by Society for Judgment and Decision Making in its journal Judgment and Decision Making.

    Volume (Year): 4 (2009)
    Issue (Month): 1 (February)
    Pages: 92-101

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    Handle: RePEc:jdm:journl:v:4:y:2009:i:1:p:92-101

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    Related research

    Keywords: age differences; satisficing; maximizing; Medicare Part D; decision making; choice.;

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    1. Andrew M. Parker & W�ndi Bruine de Bruin & Baruch Fischhoff, 2007. "Maximizers versus satisficers: Decision-making styles, competence, and outcomes," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 2, pages 342-350, December.
    2. Dalia L. Diab & Michael A. Gillespie & Scott Highhouse, 2008. "Are maximizers really unhappy? The measurement of maximizing tendency," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 3, pages 364-370, June.
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    Cited by:
    1. Sudipta Sarangi & Tibor Besedes & Cary Deck & Mikhael Shor, . "Decision-making Strategies and Performance among Seniors," Departmental Working Papers 2011-08, Department of Economics, Louisiana State University.

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