Risky-choice behavior: a life-span analysis.

The purpose of the present study was to systemically test the hypothesis that older people adopt risk-avoiding strategies when faced with risky-choice situations. Ninety-six adults, representing four age cohorts, filled out a risk-taking questionnaire consisting of twelve situations demanding a choice between a safe and a risky option. One-half of the choices involved potential losses, the other half involved potential gains. The results indicated that older adults choose no more safe alternatives than do younger adults. Additionally, for all age cohorts, risk avoiding was more evident when choices were between risky and certain gains than when choices were between risky and certain losses. This pattern of responding suggests that older adults do not necessarily adopt a general strategy of avoiding risk options when a safe alternative is available. Instead, risk avoiding, for all age cohorts, appears to be influenced by the parameters of the choice situation.