Restricting future time perspective reduces failure to act after a missed opportunity

Inaction inertia occurs when missing an attractive opportunity (vs. not having been offered it) decreases the likelihood of acting on another similar opportunity. We experimentally manipulated future time perspective to reduce inaction inertia. Middle-aged and older adults from the Health and Retirement Study were randomly assigned to imagining restricted or expansive time left to live, or to no instructions. Across age, imagining a restricted future (vs. the other two instructions) reduced inaction inertia and future time perspective. Imagining living longer increased future time perspective among relatively younger participants. Consequences of restricted time perspective for decisions and life regrets are discussed

Age differences in reported social networks and well-being

Social networks can consist of close friends, family members, and neighbors as well as peripheral others. Studies of social networks and associations with well-being have mostly focused on age-restricted samples of older adults or specific geographic areas, thus limiting their generalizability. We analyzed 2 online surveys conducted with RAND’s American Life Panel, a national adult life span sample recruited through multiple probability-based approaches. In Survey 1, 496 participants assessed the sizes of their social networks, including the number of close friends, family members, neighbors, and peripheral others. Of those, 287 rated their social satisfaction and well-being on Survey 2. Older participants reported smaller social networks, largely because of reporting fewer peripheral others. Yet older age was associated with better well-being. Although the reported number of close friends was unrelated to age, it was the main driver of well-being across the life span—even after accounting for the number of family members, neighbors, and peripheral others. However, well-being was more strongly related to social satisfaction than to the reported number of close friends—suggesting that it is the perception of relationship quality rather than the perception of relationship quantity that is relevant to reporting better well-being. We discuss implications for social network interventions that aim to promote well-being

Choosing to be happy? Age differences in 'maximizing' decision strategies and experienced emotional well-being

Maximizing is a decision strategy that seeks the very best option, which is more elaborate and potentially more regret-inducing than choosing an option that is ‘good enough.’ In surveys with a large national sample, we find that older adults are less likely than younger adults to self-report maximizing, which is associated with their better experienced well-being reported two years later. This pattern holds after controlling for demographic characteristics and negative life events. Our findings suggest that older adults could possibly be opting for decision strategies that make them happier. We discuss implications for interventions that aim to improve decision making

Taking the Biggest First: Age Differences in Preferences for Monetary and Hedonic Sequences

Objectives: People face decisions about how to sequence payments and events, including when to schedule bigger events relative to smaller ones. We examine age differences in these sequence preferences. Methods: We gave a national adult life-span sample (n = 1,296, mean = 53.06 years, standard deviation = 16.33) four scenarios describing a positive or negative hedonic (enjoyable weekends, painful dental procedures) or monetary (receiving versus paying money) event. We considered associations among age, sequence preferences, three self-reported decision-making processes—emphasizing experience, emotion, and reasoning—and two dimensions of future time perspective—focusing on future opportunities and limited time. Results: Older age was associated with taking the “biggest” event sooner instead of later, especially for receiving money, but also for the other three scenarios. Older age was associated with greater reported use of reason and experience and lesser reported use of emotion. These decision-making processes played a role in understanding age differences in sequence preferences, but future time perspective did not. Discussion: We discuss “taking the biggest first” preferences in light of prior mixed findings on age differences in sequence preferences. We highlight the distinct roles of experience- and emotion-based decision-making processes. We propose applications to financial and health-care settings

Choosing to be happy? Age differences in 'maximizing' decision strategies and experienced emotional well-being

Maximizing is a decision strategy that seeks the very best option, which is more elaborate and potentially more regret-inducing than choosing an option that is ‘good enough.’ In surveys with a large national sample, we find that older adults are less likely than younger adults to self-report maximizing, which is associated with their better experienced well-being reported two years later. This pattern holds after controlling for demographic characteristics and negative life events. Our findings suggest that older adults could possibly be opting for decision strategies that make them happier. We discuss implications for interventions that aim to improve decision making

"Thinking about numbers is not my idea of fun": need for cognition mediates age differences in numeracy performance.

Background. Numeracy refers to people’s ability to use numbers. Low numeracy has been associated with difficulties in understanding risk-benefit information and making health decisions. Older adults tend to perform worse than younger adults on measures of numeracy, but some theories of aging suggest that older adults may lack motivation for such tasks. We therefore test whether age differences in numeracy performance are mediated by a reduced motivation to think hard about complex problems—as measured by need for cognition. Method. We recruited an age-diverse convenience sample of 306 UK adults. They completed measures of numeracy and need for cognition. They self-reported their educational attainment and other demographics. Results. Older age was related to lower numeracy and lower need for cognition. The negative relationship between age and numeracy was mediated by need for cognition. These findings held after we controlled for educational attainment and other demographic factors. Discussion. Older adults may show lower numeracy performance due to lack of motivation. We discuss strategies for improving people’s motivation to complete numeracy measures and other numerical tasks

The improving sequence effect on monetary sequences

Experimental studies reveal a preference for improving income sequences, challenging the axioms of the discounted utility model, such as the present value maximization principle. Through an experiment, we test the existence of this anomaly on short and long-term income sequences, by confirming previous experimental evidence. Although the participants are aware of the present value maximization, they select improving sequences of income mainly to cover their future spending needs, to feel motivation at work, and to receive a signal of success and status. In order to include this sequence effect in a mathematical valuation model, we propose an alternative model to value sequences which outperforms the traditional discounting model by fitting the present value with the preferences of the participants