Decision-Making. The impact of aging

Inhaltsverzeichnis (Table of Contents)

• 1 Introduction
• 2 Overview on Decision Making
  • 2.1 Introduction to Decision Making
  • 2.2 Common Biases in Decision Making
  • 2.3 Mental Processes in Decision Making
• 3 Implications of Aging
  • 3.1 Age-related Effects on Deliberative Processes
  • 3.2 Age-related Effects on Experiential Processes
  • 3.3 Development of Interaction between Deliberative and Experiential Processes
• 4 Age-related Differences in Decision Making
  • 4.1 Negativity Bias
  • 4.2 Framing Bias
  • 4.3 Sunk Cost Fallacy
  • 4.4 Priming Effect
  • 4.5 Overconfidence Bias
  • 4.6 Non-Bias Related Differences
• 5 Implications of Age Differences in Decision Making

Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)

This thesis examines the impact of aging on decision-making processes, focusing on age-related differences in common decision-making biases. The research aims to explore whether these biases differ between younger individuals and older adults. The study aims to contribute to the existing literature by providing a comprehensive overview of current findings, concentrating on age-related differences, particularly in the context of economic decision-making.

• Age-related effects on deliberative and experiential processes in decision-making
• Age-related differences in common decision-making biases
• The impact of aging on financial decision-making
• The influence of biases on individual choices and outcomes
• Implications of age differences in decision-making for various contexts

Zusammenfassung der Kapitel (Chapter Summaries)

• Chapter 1: Introduction: This chapter introduces the topic of aging and its implications for decision-making, highlighting the growing population of older adults and the importance of understanding their decision-making processes. It also sets the scope and objectives of the research.
• Chapter 2: Overview on Decision Making: This chapter provides a foundational overview of decision-making, exploring traditional rational decision-making theories and their limitations. It discusses key concepts such as expected value, expected utility, and bounded rationality, and introduces the prospect theory and its explanation of risk preferences.
• Chapter 3: Implications of Aging: This chapter delves into the impact of aging on decision-making processes, examining age-related changes in deliberative and experiential processes. It explores how these changes may influence an individual's ability to weigh options, assess risks, and make informed decisions.
• Chapter 4: Age-related Differences in Decision Making: This chapter focuses on specific biases that are commonly observed in decision-making, analyzing how these biases may differ between younger and older adults. It examines biases such as negativity bias, framing bias, sunk cost fallacy, priming effect, and overconfidence bias.
• Chapter 5: Implications of Age Differences in Decision Making: This chapter discusses the potential implications of age differences in decision-making across various contexts, such as personal finance, healthcare choices, and social interactions. It explores the significance of understanding these differences for individuals and organizations.

Schlüsselwörter (Keywords)

The primary keywords and focus topics of this thesis are decision-making, aging, cognitive aging, biases, risk aversion, prospect theory, bounded rationality, financial decision-making, and the implications of age differences in decision-making.