Cited by 176Decision-Making and Behavioral EconomicsNeural and Behavioral Psychology StudiesExperimental Behavioral Economics Studies

Trajectory of risky decision making for potential gains and losses from ages 5 to 85

Weller, Joshua A., Levin, Irwin P., Denburg, Natalie L.·2011·Journal of Behavioral Decision Making

Abstract

Abstract The ability to make advantageous decisions in the face of uncertainty is an essential human skill, yet the development of such abilities over the lifespan is still not well understood. In the current study, from childhood through older adulthood, we tracked the developmental trajectory of risk taking for gains and losses, and expected value (EV) sensitivity in risky choices. In the gain domain, risk‐taking decreased consistently across the lifespan. In the loss domain, risk‐taking was relatively constant across ages, a result we attribute to the pervasiveness of loss aversion. EV sensitivity showed an inverted‐U‐shaped function, increasing from childhood to adulthood but then decreasing for the elderly, which occurred for both risky gains and risky losses. This finding is consistent with neuropsychological and neuroanatomical evidence concerning the role of the frontal lobe in decision making, which is relatively late to develop during childhood but may degrade earlier in the later years. Copyright © 2010 John Wiley & Sons, Ltd.

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Crossref · 10.1002/bdm.690

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Authors
Weller, J. A., Levin, I. P., & Denburg, N. L.
Affiliations
  • Decision Research (US)
  • University of Iowa (US)
  • University of Iowa Hospitals and Clinics (US)
Venue
Journal of Behavioral Decision Making
Publisher
Wiley
Published
2011-09-08
Volume
24
Issue
4
Pages
331-344
ISSN
  • 0894-3257 (ISSN-L)
  • 1099-0771
OpenAlex
W1988931013
Cited by
174
References
78
Citations by year
2026: 4 · 2025: 8 · 2024: 6 · 2023: 4 · 2022: 10 · 2021: 18 · 2020: 15 · 2019: 12 · 2018: 12 · 2017: 10 · 2016: 11 · 2015: 21 · 2014: 16 · 2013: 7 · 2012: 9
FWCI
6.03
Type
journal article
Language
en
Open access
closed
Locations
Journal of Behavioral Decision Making (publishedVersion)
Funders
  • National Science Foundation
  • University of Oregon
  • National Institute on Aging
Topics
  • Social Sciences › Decision Sciences › General Decision Sciences › Decision-Making and Behavioral Economics
  • Life Sciences › Neuroscience › Cognitive Neuroscience › Neural and Behavioral Psychology Studies
  • Social Sciences › Safety Research › Experimental Behavioral Economics Studies
Keywords
risky decision making, risk-taking, gain and loss, loss aversion, lifespan development, developmental trajectories, frontal lobe, aging, childhood, older adults

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