scholarly journals Perception of Risk for Older Adults: Differences in Evaluations for Self versus Others and across Risk Domains

Gerontology ◽  
2018 ◽  
Vol 65 (5) ◽  
pp. 547-559 ◽  
Author(s):  
Jonathan J. Rolison ◽  
Yaniv Hanoch ◽  
Alexandra M. Freund
Keyword(s):  
Older Adults ◽  
Decision Making ◽  
Risk Taking ◽  
Risk Perceptions ◽  
Negative Stereotypes ◽  
Perceptions Of Risk ◽  
Social Risks ◽  
Younger Age ◽  
Social Partners ◽  
Surrogate Decision

Background and Objectives: Proxy decision-making may be flawed by inaccurate perceptions of risk. This may be particularly true when older adults are the targets of the decisions, given the pervasive negative stereotypes about older adults. Methods: In study 1, individuals aged 18- to 87 years (as target persons) as well as one of their close social partners (as informants) reported on the risks they perceived for the target person in various life domains. Study 2 additionally explored potential differences in how people make risky decisions on behalf of younger and older adult targets. Younger (age 18–35 years) and older (age 60–81 years) adults (as target persons of the risk evaluations) as well as informants reported on risk perceptions and the likelihood of risk-taking for health, financial, and social scenarios concerning the target persons. Congruence between self-rated and informant-rated risk perceptions and risk-taking were computed on a dyadic as well as a group level. Results: Informants’ risk perceptions were positively associated with the risks their partners perceived for themselves. Informants and their partners agreed that social risks vary little across adulthood, but they disagreed in terms of recreational, financial, and health risks, and in terms of the decisions they would make. Conclusion: Family members, partners, and close friends are sensitive to vulnerabilities of their social partners, but in some domains and according to their partners’ age they perceive a greater (or smaller) risk than their partners perceive for themselves. In situations requiring surrogate decision-making, people may decide differently from how their social partners would decide for themselves.

scholarly journals Relations between risk attitudes, culture and the endowment effect

2018 ◽  
Vol 10 (4) ◽  
pp. 7-20 ◽  
Author(s):  
Anita Kolnhofer Derecskei
Keyword(s):  
Decision Making ◽  
Conceptual Model ◽  
Risk Taking ◽  
Risk Perceptions ◽  
Risk Preferences ◽  
Cultural Influences ◽  
Risk Attitudes ◽  
Cultural Backgrounds ◽  
Social Risks ◽  
The Impact

Abstract The main purpose of this research was to examine whether systematic cross-national differences existed in risk preferences. As a part of the survey, it was also tested how the subjects decided on behalf of their friends. Considering the type of risk-taking and the role of endowment plus relevant cultural backgrounds, the answerers were grouped, and each segment could be identified. Finally, this segmentation could be correlated with behaviour in risk decisions. Here, the Allais situation was used testing respondent behaviour in risky decision-making on behalf of others. This paper used the validated DOSPERT Scale, measuring risk perceptions and risk preferences of international students (n=244). The used survey contained different risk attitudes depending on decision making and involved the following criteria: Ethical, Financial, Health or Safety, Recreational, and Social Risks. Applying the DOSPERT Scale, differences were also found between ‘Risk-Taking’, ‘Risk-Perceptions’, and ‘Expected Benefits’. This result can be explained by different risk attitudes particular to people making decisions involving measured risks. At the same time, thanks to the worldwide sample, this paper focused on cultural differences and observed the impact of different cultural backgrounds on risk-taking. Comparing personal traits with Hofstede’s cultural UAI (Uncertainty Avoidance Index) helped us understand deeper cultural influences. The sample was widely heterogeneous, which led to some changes in the original research question and provided a new method in the conceptual model. Based on the state of the art, a conceptual model was deduced, three hypotheses were tested, and three various segments were identified regarding the personal DOSPERT (Domain-Specific Risk-Taking Scale) Risk Preferences. In the second part of the paper, Personal Risk Preferences were connected and tested not only using the national culture background but also attitudes towards the endowment. Although there was no significant correlation between the distribution of risk perception, the styles of each role might show how the cultural heritage impacts various decisions and risk levels.

scholarly journals Religion and Spirituality in Surrogate Decision Making for Hospitalized Older Adults

2015 ◽  
Vol 55 (3) ◽  
pp. 765-777 ◽  
Author(s):  
Kristin N. Geros-Willfond ◽  
Steven S. Ivy ◽  
Kianna Montz ◽  
Sara E. Bohan ◽  
Alexia M. Torke
Keyword(s):  
Older Adults ◽  
Decision Making ◽  
Surrogate Decision Making ◽  
Religion And Spirituality ◽  
Hospitalized Older Adults ◽  
Surrogate Decision

scholarly journals A Scenario-Based Investigation of Surrogate Decision Making for Older Adults

2020 ◽  
Vol 4 (Supplement_1) ◽  
pp. 703-703
Author(s):  
Yuxin Zhao ◽  
Benjamin Katz ◽  
Pamela Teaster
Keyword(s):  
Older Adults ◽  
Decision Making ◽  
Financial Management ◽  
Self Efficacy ◽  
Decision Makers ◽  
Surrogate Decision Making ◽  
Insurance Company ◽  
Surrogate Decision ◽  
Critically Ill Adults ◽  
Amazon's Mechanical Turk

Abstract Surrogate decisions involve complex, challenging choices; surrogate decision-makers make treatment decisions for approximately 40% of hospitalized adults and 70% of older adults, and up to 95% of critically ill adults of any age. The purpose of our study was to understand how people make decisions for others and how surrogate decision making is linked to people’s cognition, self-efficacy, and demographics, especially differences in acute (e.g., health and medical care, financial management, and end of life) versus general scenarios (spending time with family, contacting an insurance company on behalf of a family member). Participants were recruited through Amazon’s Mechanical Turk. We collected data from 290 adult participants aged 18 years or older. On average, people reported a higher level of confidence in general versus acute scenario. The differences of confidence in scenario-based surrogate decision-making links to decision-makers’ cognition, self-efficacy, the experience of decision-making, the experience of caregiving, and demographic factors.

scholarly journals Scope and Outcomes of Surrogate Decision Making Among Hospitalized Older Adults

2014 ◽  
Vol 174 (3) ◽  
pp. 370 ◽  
Author(s):  
Alexia M. Torke ◽  
Greg A. Sachs ◽  
Paul R. Helft ◽  
Kianna Montz ◽  
Siu L. Hui ◽  
...  
Keyword(s):  
Older Adults ◽  
Decision Making ◽  
Surrogate Decision Making ◽  
Hospitalized Older Adults ◽  
Surrogate Decision

scholarly journals Aging and Decision Making: Socio-Emotional and Contextual Factors

2020 ◽  
Vol 4 (Supplement_1) ◽  
pp. 557-557
Author(s):  
JoNell Strough ◽  
Corinna Loeckenhoff ◽  
Susan Charles
Keyword(s):  
Older Adults ◽  
Decision Making ◽  
Age Differences ◽  
Risk Taking ◽  
Contextual Factors ◽  
Emotional Responses ◽  
Later Life ◽  
Future Research ◽  
Behavioral Risk ◽  
Younger Adults

Abstract Maintaining sound decision-making skills in later life is a key concern in the face of population aging. The four presentations in this symposium highlight the importance of considering socio-emotional and contextual factors when investigating adult age differences in decision making. Together, they show that features of decision contexts such as the way information is presented, along with social relationships and emotional responses, have distinct implications for understanding age effects in decision-related processing and outcomes. Drawing from fuzzy trace theory, Nolte, Löckenhoff and Reyna showed that gist-based (“good,” “extremely poor”) versus verbatim information (exact numbers) was differentially appealing to younger and older adults, with older adults seeking more gist information than verbatim information. Young and Mikels investigated older and younger adults’ integral emotional responses to a behavioral risk-taking task. Younger adults experienced more anger and less contentment than older adults. These emotions differentially predicted risk taking in the two groups. Seaman, Christensen, Senn, Cooper, and Cassidy found age differences in learning about the trustworthiness of social partners. Older adults showed less learning relative to younger adults and invested less with trustworthy partners and more with untrustworthy partners. Smith, Strough, Parker and Bruine de Bruin found that older age, perceiving better decision-making ability than age peers, and perceiving declines in ability over time, were associated with lesser preferences for making decisions with others. In her discussion, Charles will integrate these findings with existing research on aging and decision making and offers directions for future research.

Perceptions and Framing of Risk, Uncertainty, Loss, and Failure in Entrepreneurship

2014 ◽  
Vol 3 (2) ◽  
pp. 1-17
Author(s):  
Kimberly M. Green
Keyword(s):  
Decision Making ◽  
Prospect Theory ◽  
Risk Taking ◽  
Organizational Innovation ◽  
Mental Accounting ◽  
Reference Points ◽  
Future Research ◽  
Perceptions Of Risk ◽  
Learning From Failure ◽  
Innovation And Change

Research indicates that perceptions of risk and loss affect decision-making. Entrepreneurship presents a context in which risk, failure, and loss frequently frame decisions. This paper presents a review of the entrepreneurship literature that is grounded in Kahneman and Tversky's 1979 article on prospect theory. The theory's contribution to the understanding of how the framing of losses affects decisions offers a useful foundation for considering streams of research in entrepreneurship and small business, given that the prospects for loss and failure are high in these endeavors. This review identifies 79 articles and organizes them into four broad themes: risk-taking perspectives of the entrepreneur and stakeholders, aspirations and reference points, organizational innovation and change, and learning from failure. The review concludes by considering the future research potential in the topics of regret, mental accounting, and an understanding of competitors.

scholarly journals Frontal, Striatal, and Medial Temporal Sensitivity to Value Distinguishes Risk-Taking from Risk-Aversive Older Adults during Decision Making

2016 ◽  
Vol 36 (49) ◽  
pp. 12498-12509 ◽  
Author(s):  
Joshua O.S. Goh ◽  
Yu-Shiang Su ◽  
Yong-Jheng Tang ◽  
Anna C. McCarrey ◽  
Alexander Tereshchenko ◽  
...  
Keyword(s):  
Older Adults ◽  
Decision Making ◽  
Risk Taking

scholarly journals Perceptions of Disease Risk: From Social Construction of Subjective Judgments to Rational Decision Making

2011 ◽  
Vol 101 (6) ◽  
pp. 654-665 ◽  
Author(s):  
N. McRoberts ◽  
C. Hall ◽  
L. V. Madden ◽  
G. Hughes
Keyword(s):  
Decision Making ◽  
Disease Management ◽  
Risk Perceptions ◽  
Management Practices ◽  
Disease Risk ◽  
Poor Performance ◽  
Model Complexity ◽  
Perceptions Of Risk ◽  
Decision Tools ◽  
Plant Disease Management

Many factors influence how people form risk perceptions. Farmers' perceptions of risk and levels of risk aversion impact on decision-making about such things as technology adoption and disease management practices. Irrespective of the underlying factors that affect risk perceptions, those perceptions can be summarized by variables capturing impact and uncertainty components of risk. We discuss a new framework that has the subjective probability of disease and the cost of decision errors as its central features, which might allow a better integration of social science and epidemiology, to the benefit of plant disease management. By focusing on the probability and cost (or impact) dimensions of risk, the framework integrates research from the social sciences, economics, decision theory, and epidemiology. In particular, we review some useful properties of expected regret and skill value, two measures of expected cost that are particularly useful in the evaluation of decision tools. We highlight decision-theoretic constraints on the usefulness of decision tools that may partly explain cases of failure of adoption. We extend this analysis by considering information-theoretic criteria that link model complexity and relative performance and which might explain why users reject forecasters that impose even moderate increases in the complexity of decision making despite improvements in performance or accept very simple decision tools that have relatively poor performance.

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