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Domain-specific risk attitudes and aging—a systematic review.
J. Behav. Decis. Mak., DOI: 10.1002/bdm.2215 (2020)
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.
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Publication type
Article: Journal article
Document type
Scientific Article
Keywords
Aging ; Domain-specific Risk Taking ; Risk Attitudes ; Self-reported Measures
Language
english
Publication Year
2020
HGF-reported in Year
2020
ISSN (print) / ISBN
0894-3257
e-ISSN
1099-0771
Publisher
Wiley
Reviewing status
Peer reviewed
POF-Topic(s)
30202 - Environmental Health
Research field(s)
Genetics and Epidemiology
PSP Element(s)
G-505300-001
DOI
10.1002/bdm.2215
Scopus ID
85096722833
Erfassungsdatum
2020-12-04