Logo Logo
Help
Contact
Switch Language to German
König, Adriana N. (2020): Domain-specific risk attitudes and aging-A systematic review. In: Journal of Behavioral Decision Making, Vol. 34, No. 3: pp. 359-378
Full text not available from 'Open Access LMU'.

Abstract

Risk attitudes have a significant impact on human decision making. In contrast to the conventional assumption of stable, universal risk attitudes, previous research has found domain-specific and age-related differences in risk attitudes. For this reason, a systematic review including 19 studies was conducted to evaluate the relationship between self-reported risk attitudes and aging in different domains of decision making. The results suggest a negative relationship between aging and self-reported risk attitudes. Age-related differences in risk attitudes also vary between different domains. Nine studies examined general risk attitudes, with eight finding a negative relationship with aging. Eight out of 11 studies found a negative relationship in the financial domain. All nine studies in the health domain identified a negative association as well. The seven studies included in the social domain showed mixed results. All six studies in the recreational domain identified a negative association. Four out of five studies in the ethical domain found a negative relationship. The three studies included in the driving and career domain also showed negative relationships between risk attitudes and aging. Potential policy implications are discussed.