title: Decision-making Strategies and Performance among Seniors.
abstract: Using paper and pencil experiments administered in senior centers, we examine decision-making performance in multi-attribute decision problems. We differentiate the effects of declining cognitive performance and changing cognitive process on decision-making performance of seniors as they age. We find a significant decline in performance with age due to reduced reliance on common heuristics and increased decision-making randomness among our oldest subjects. However, we find that increasing the number of options in a decision problem increases the number of heuristics brought to the task. This challenges the choice overload view that people give up when confronted with too much choice.
authors.affiliation: Georgia Institute of Technology.
authors.forename: Tibor
authors.initials: T
authors.lastname: Besedeš
authors.forename: Cary
authors.initials: C
authors.lastname: Deck
authors.forename: Sudipta
authors.initials: S
authors.lastname: Sarangi
authors.forename: Mikhael
authors.initials: M
authors.lastname: Shor