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The Journals of Gerontology Series B: Psychological Sciences and Social Sciences Advance Access originally published online on June 4, 2009
The Journals of Gerontology Series B: Psychological Sciences and Social Sciences 2009 64B(4):457-460; doi:10.1093/geronb/gbp043
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© The Author 2009. Published by Oxford University Press on behalf of The Gerontological Society of America. All rights reserved. For permissions, please e-mail: journals.permissions@oxfordjournals.org.

Monetary Losses Do Not Loom Large in Later Life: Age Differences in the Framing Effect

Joseph A. Mikels and Andrew E. Reed

Department of Human Development, Cornell University, Ithaca, NY

Address correspondence to Joseph A. Mikels, PhD, Department of Human Development, Cornell University, Martha Van Rensselaer Hall, Ithaca, NY 14853-4401. Email: jmikels{at}cornell.edu


  Abstract

Studies of the framing effect indicate that individuals are risk averse for decisions framed as gains but risk seeking for decisions framed as losses. However, findings regarding age-related changes in susceptibility to framing are mixed. Recent work demonstrating age-related decreases in reactivity to anticipated monetary losses, but not gains, suggests that older and younger adults might show equivalent risk aversion for gains but discrepant risk seeking for losses. In the current study, older and younger adults completed a monetary gambling task in which they chose between sure options and risky gambles (the expected outcomes of which were equated). Although both groups demonstrated risk aversion in the gain frame, only younger adults showed risk seeking in the loss frame.

Key Words: Aging • Biases • Decision making • Framing

Received June 26, 2008; Accepted February 28, 2009

Decision Editor: Rosemary Blieszner, PhD


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