Review of literature of aging
Literature review of Age related constructs on
Consumer Decision Making
HealthDay News (2013) has reported an interesting research questions about ‘Accumulated knowledge helped seniors outperform young adults when faced with economic choices’ by Randy Dotinga Health day reporter.
In the report, Ye Li (2013) an assistant professor of management in the University of California, Riverside, and his new research suggested that:
Seniors can be sharper than young adults at making financial decisions, mostly because they can tap into the wealth of knowledge they have accumulated over the years. Still, the findings show that older people cannot process information quite as quickly, so it may take them longer to understand complex financial situations.
Ye Li said that unlikely seniors not have any advantages then the young people when it comes to the financial decision making, for instance figuring out how to invest their 401[k]s. (401(k) is a feature of a qualified profit-sharing plan that allows employees to contribute a portion of their wages to individual accounts, online definition of Retirement Plan).
There is some fact for types of decision making among senior and young adults, therefore Ye Li pointed that the research is mixed:
Older adults seem to be better at some types of decision-making and worse at others. We were better trying to understand when and why older people get better or worse at decision-making.
Ye Li explained that people may assume like older people make more wrong decisions than the younger people, the reason behind is that brainpower declines with age.
In the latest study, the researcher questions to 632 participants 332 aged 18-29 years and 300 aged 60-82 years old participants and whose answered online questions. According to the survey questions the participants answered math questions and vocabulary test and they also answered the question about some
Consumer Decision Making
HealthDay News (2013) has reported an interesting research questions about ‘Accumulated knowledge helped seniors outperform young adults when faced with economic choices’ by Randy Dotinga Health day reporter.
In the report, Ye Li (2013) an assistant professor of management in the University of California, Riverside, and his new research suggested that:
Seniors can be sharper than young adults at making financial decisions, mostly because they can tap into the wealth of knowledge they have accumulated over the years. Still, the findings show that older people cannot process information quite as quickly, so it may take them longer to understand complex financial situations.
Ye Li said that unlikely seniors not have any advantages then the young people when it comes to the financial decision making, for instance figuring out how to invest their 401[k]s. (401(k) is a feature of a qualified profit-sharing plan that allows employees to contribute a portion of their wages to individual accounts, online definition of Retirement Plan).
There is some fact for types of decision making among senior and young adults, therefore Ye Li pointed that the research is mixed:
Older adults seem to be better at some types of decision-making and worse at others. We were better trying to understand when and why older people get better or worse at decision-making.
Ye Li explained that people may assume like older people make more wrong decisions than the younger people, the reason behind is that brainpower declines with age.
In the latest study, the researcher questions to 632 participants 332 aged 18-29 years and 300 aged 60-82 years old participants and whose answered online questions. According to the survey questions the participants answered math questions and vocabulary test and they also answered the question about some
References: Ye Li, Ph.D., assistant professor, management, University of California, Riverside; Paul Zak, Ph.D., chairman and professor, economics, and founding director, Center for Neuroeconomics Studies, Claremont Graduate University, Claremont, Calif. http://consumer.healthday.com/senior-citizen-information-31/misc-aging-news-10/study-suggests-aging-doesn-t-dull-decision-making-skills-680529.html [Accessed 01.11.2013] Dr. Thomas Hess, a professor of psychology at NC State and co-author of the study, Tara Queen, a psychology Ph.D. student at NC State http://www.sciencedaily.com/releases/2010/06/100629094147.htm [Accessed 14.11.2013] Heiner Evanschitzky, University of Strathclyde, UK and David M. Woisetschläger, University of Dortmund, Germany, “Too Old to choose? The effect of age and age related constructs on consumer decision making” (pp.630-634) Barbara Brown, www.eHow.com contributor, The Impact of Technology on Effective Decision Making http://www.ehow.com/info_8125085_impact-technology-effective-decisionmaking.html [Accessed 15.11.2013]