The Journals of Gerontology Series B: Psychological Sciences and Social Sciences Advance Access originally published online on April 7, 2009
The Journals of Gerontology Series B: Psychological Sciences and Social Sciences 2009 64B(4):443-446; doi:10.1093/geronb/gbp021
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Older Adults Place Lower Value on Choice Relative to Young Adults
1 Department of Human Development, Cornell University, Ithaca, New York
2 Department of Policy Analysis and Management, Cornell University, Ithaca, New York
Address correspondence to Joseph A. Mikels, PhD, Department of Human Development, Cornell University, G60 Martha Van Rensselaer Hall, Ithaca, NY 14853-4401. Email: jmikels{at}cornell.edu
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Abstract |
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Choice is highly valued in modern society, from the supermarket to the hospital; however, it remains unknown whether older and younger adults place the same value on increased choice. The current investigation tested whether 53 older (M age = 75.44 years) versus 53 younger adults (M age = 19.58 years) placed lower value on increased choice by examining the monetary amounts they were willing to pay for increased prescription drug coverage options—important given the recently implemented Medicare prescription drug program. Results indicate that older adults placed lower value on increasing choice sets relative to younger adults, who placed progressively higher value on increasingly larger choice sets. These results are discussed regarding their implications for theory and policy.
Key Words: Aging • Choice • Decision making • Value • Willingness to pay
Received July 25, 2008; Accepted February 1, 2009