Arbeitspapier
Age effects and heuristics in decision making
Using controlled experiments, we examine how individuals make choices when faced with multiple options. Choice tasks are designed to mimic the selection of health insurance, prescription drug, or retirement savings plans. In our experiment, available options can be objectively ranked allowing us to examine optimal decision making. First, the probability of a person selecting the optimal option declines as the number of options increases, with the decline being more pronounced for older subjects. Second, heuristics differ by age with older subjects relying more on suboptimal decision rules. In a heuristics validation experiment, older subjects make worse decisions than younger subjects.
- Sprache
-
Englisch
- Erschienen in
-
Series: DIW Discussion Papers ; No. 1047
- Klassifikation
-
Wirtschaft
Design of Experiments: Laboratory, Individual
Health: Government Policy; Regulation; Public Health
- Thema
-
Experiments
decision making
optimal choice
age effects
heuristics
Entscheidung
Test
Altersgruppe
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Besedes, Tibor
Deck, Carey
Sarangi, Sudipta
Shor, Mikhael
- Ereignis
-
Veröffentlichung
- (wer)
-
Deutsches Institut für Wirtschaftsforschung (DIW)
- (wo)
-
Berlin
- (wann)
-
2010
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Besedes, Tibor
- Deck, Carey
- Sarangi, Sudipta
- Shor, Mikhael
- Deutsches Institut für Wirtschaftsforschung (DIW)
Entstanden
- 2010
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