Please use this identifier to cite or link to this item: https://doi.org/10.3389/fnagi.2015.00120
Title: Aging and wisdom: Age-related changes in economic and social decision making
Authors: Lim, K.T.K
Yu, R 
Keywords: age distribution
aging
altruism
aversion
competitive behavior
conflict
confusion (uncertainty)
decision making
economic aspect
emotion
emotionality
game
human
life expectancy
longevity
motivation
prevalence
problem solving
psychological wellbeing assessment
Review
risk factor
self concept
social behavior
socialization
trust
Issue Date: 2015
Publisher: Frontiers Research Foundation
Citation: Lim, K.T.K, Yu, R (2015). Aging and wisdom: Age-related changes in economic and social decision making. Frontiers in Aging Neuroscience 7 (JUN) : 120. ScholarBank@NUS Repository. https://doi.org/10.3389/fnagi.2015.00120
Abstract: World life expectancy is increasing and many populations will begin to age rapidly. The impeding prevalence of a greater number of older people living longer lives will have significant social and economic implications. It is important to understand how older people make economic and social decisions. Aging can be associated with a "phenomenon of decline" and also greater wisdom. This paper seeks to examine the relationship between wisdom and aging. It reviews and connects the behavioral sciences and neuroscience literature on age differences in the following social and economic decision making domains that represent subcomponents of wisdom: (1) prosocial behavior in experimental economic games and competitive situations; (2) resolving social conflicts; (3) emotional homeostasis; (4) self-reflection; (5) dealing effectively with uncertainty in the domains of risk, ambiguity and intertemporal choice. Overall, we find a lack of research into how older people make economic and social decisions. There is, however, some evidence that older adults outperform young adults on certain subcomponents of wisdom, but the exact relationship between old age and each subcomponent remains unclear. A better understanding of these relationships holds the potential to alleviate a wide range of mental health problems, and has broad implications for social policies aimed at the elderly. © 2015 Lim and Yu.
Source Title: Frontiers in Aging Neuroscience
URI: https://scholarbank.nus.edu.sg/handle/10635/174292
ISSN: 16634365
DOI: 10.3389/fnagi.2015.00120
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