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Decision-making Strategies and Performance among Seniors

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  • Sudipta Sarangi

    ()

  • Tibor Besedes

    ()

  • Cary Deck

    ()

  • Mikhael Shor

    ()

Abstract

Using paper and pencil experiments administered in senior centers, we examine decision-making performance in multi-attribute decision problems. We find a significant decline in performance with age due to reduced reliance on common heuristics among our oldest subjects. Subjects in their early sixties incorporate a wide array of heuristics, septuagenarians employ progressively fewer strategies, and subjects in their 80s make nearly random selections. However, we find that increasing the number of options in a decision problem increases the number of heuristics brought to the task. This challenges the choice overload view that people give up when confronted with too much choice.

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Bibliographic Info

Paper provided by Department of Economics, Louisiana State University in its series Departmental Working Papers with number 2011-08.

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Handle: RePEc:lsu:lsuwpp:2011-08

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  1. Tibor Besedes & Cary Deck & Sarah Quintanar & Sudipta Sarangi & Mikhael Shor, 2012. "Free-Riding and Performance in Collaborative and Non-Collaborative Groups," Working papers 2012-21, University of Connecticut, Department of Economics.

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