2024
DOI: 10.1371/journal.pcbi.1012204
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Older adults select different but not simpler strategies than younger adults in risky choice

Florian Bolenz,
Thorsten Pachur

Abstract: Younger and older adults often differ in their risky choices. Theoretical frameworks on human aging point to various cognitive and motivational factors that might underlie these differences. Using a novel computational model based on the framework of resource rationality, we find that the two age groups rely on different strategies. Importantly, older adults did not use simpler strategies than younger adults, they did not select among fewer strategies, they did not make more errors, and they did not put more w… Show more

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