Although previous studies investigated the relationship between general cognitive abilities and decision making, few have characterized specific cognitive abilities underlying decision-making competence. In this paper, we focus on executive functions, control processes involved in the regulation of cognition. Specifically, we report on an individual-differences study that investigated the relationship of executive functioning (EF) and general cognitive abilities (fluid intelligence and numeracy) with different aspects of decision-making competence. Individual differences in EF components explained aspects of decision-making competence even after controlling for fluid intelligence and numeracy. However, different aspects of decision-making competence varied in the extent to which they relied on different executive functions. In particular, resistance to framing effects, the ability to apply decision rules, and successful engagement in cognitive reflection partially depend on individual differences on the monitoring/inhibition dimension of EF. The ability to provide consistent judgments in risk perception is related to the shifting aspect of EF. The ability to recognize social norms and resistance to sunk costs were not significantly related to EF, thus supporting the idea that executive control is not a major determinant of these aspects of decision-making competence. Finally, substantial variance in some of the decision-making tasks remained unexplained, suggesting that other cognitive or non-cognitive abilities need to be considered in future studies

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This individual differences study examined the relationships between three executive functions (updating, shifting, and inhibition), measured as latent variables, and performance on two cognitively demanding subtests of the Adult Decision Making Competence battery: Applying Decision Rules and Consistency in Risk Perception. Structural equation modelling showed that executive functions contribute differentially to performance in these two tasks, with Applying Decision Rules being mainly related to inhibition and Consistency in Risk Perception mainly associated to shifting. The results suggest that the successful application of decision rules requires the capacity to selectively focus attention and inhibit irrelevant (or no more relevant) stimuli. They also suggest that consistency in risk perception depends on the ability to shift between judgement contexts

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Several judgment and decision-making tasks are assumed to involve memory functions, but significant knowledge gaps on the memory processes underlying these tasks remain. In a study on 568 adults between 25 to 80 years, hypotheses were tested on the specific relationships between individual differences in working memory, episodic memory, and semantic memory, respectively, and six main components of decision-making competence. In line with the hypotheses, working memory was positively related with the more cognitively-demanding tasks (Resistance to Framing, Applying Decision Rules, and Under/Overconfidence), whereas episodic memory was positively associated with a more experience-based judgment task (Recognizing Social Norms). Furthermore, semantic memory was positively related with two more knowledge-based decision-making tasks (Consistency in Risk Perception and Resistance to Sunk Costs). Finally, the age-related decline observed in some of the decision-making tasks was (partially or totally) mediated by the age-related decline in working memory or episodic memory. These findings are discussed in relation to the functional roles fulfilled by different memory processes in judgment and decision-making tasks.