Trajectory of risky decision making for potential gains and losses from ages 5 to 85
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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Neuronally, adolescents recruit striatal and frontal regions to a greater degree than adults when making decisions involving losses.
“while neuronally adolescents recruit striatal and frontal regions to a greater degree than adults when making decisions involving losses (Barkley-Levenson et al., 2012, Weller et al., 2010).”
From Effects of incentives, age, and behavior on brain activation during inhibitory control: a longitudinal fMRI study (2015) · cites this paper as Weller et al., 2010
Behaviorally, adolescents and adults tend to exhibit similar levels of loss-aversion.
“Behaviorally, adolescents and adults tend to exhibit similar levels of loss-aversion”
From Effects of incentives, age, and behavior on brain activation during inhibitory control: a longitudinal fMRI study (2015) · cites this paper as Weller et al., 2010
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Can We Infer Inter-Individual Differences in Risk-Taking From Behavioral Tasks?
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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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