The Effect Of Framing Effects On Decision Making Under Risk In The Elderly Based On Descriptive And Empirical Paradigm

Increasing attention is being paid to understanding the impact of aging on the abi lity to make effective decisions for a number of reasons relating to both practical and public health concerns.Effective decision making about finances,housing,and health are likely to have significant consequences in later life in terms of maintaining indep endence and decreasing the need for assistance from family,government,and other ext ernal supports.Decisions in the areas of finance and health may be particularly conse quential given that,relative to younger adults,older adults may have fewer opportuniti es and resources to counter poor decisions.So it’s important to understand how aging affects decision-making,and to identify the environment associated with optimal and suboptimal decision-making processes in later life.In this study,30 old people and 30 young people were conveniently sampled.Age differences involving decision by description versus decision by experience were exa mined using the same bank financial products task structure to facilitate comparisons ac ross decision types.The experimental materials were put in the situations of descriptive decision and empirical decision respectively.During the experiment,the informations of participants’ ratings of products benefits,decision results,and purchase time preferences we re collected.The results showed that the overall response of the elderly is much slower than th at of the young,and the response to the negative frame is also slower than the positive fram e;Compared with young people,the elderly have less prejudice against the positive frame an d greater bias against the negative frame;under the positive information frame,participants make more purchase decisions in the descriptive paradigm than in the empirical paradi gm.On the contrary,under the negative frame,the participants in the experience paradigm ar e more likely to make the purchase decision than the descriptive paradigm.