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Advanced age predicts increased susceptibility to attribute, goal, and risky-choice framing in negative frame valences

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  • Lance Xu

    (Johns Hopkins University)

Abstract

The framing effect has been extensively studied in the context of attribute, goal, and risky-choice framing, revealing its significant impact on decision-making. However, the interplay between age and the framing effect remains relatively unexplored, and existing findings are inconclusive and conflicting. Addressing this gap, this study investigates the influence of age on all three types of framing using a large cohort of participants (N = 696). The Johnson-Neyman technique was employed to examine the effect across a continuous range of ages. The analysis demonstrated that advanced age significantly increased susceptibility to the framing effect. Moreover, it was found that this susceptibility primarily manifests in response to negative frames across all framing types. These findings not only align with the socioemotional selectivity theory and dual-process model but also underscore the importance of affect heuristics in decision-making among older adults. By offering a robust examination of all three types of framing and their interactions with age, this study provides a theoretical foundation for the role of age as a potential moderator in framing contexts. These findings may therefore inform the development of targeted strategies to mitigate the impact of the framing effect on elderly populations.

Suggested Citation

  • Lance Xu, 2024. "Advanced age predicts increased susceptibility to attribute, goal, and risky-choice framing in negative frame valences," Palgrave Communications, Palgrave Macmillan, vol. 11(1), pages 1-10, December.
    • Handle: RePEc:pal:palcom:v:11:y:2024:i:1:d:10.1057_s41599-024-02658-6
    DOI: 10.1057/s41599-024-02658-6
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    References listed on IDEAS

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    1. Besedeš, Tibor & Deck, Cary & Sarangi, Sudipta & Shor, Mikhael, 2012. "Decision-making strategies and performance among seniors," Journal of Economic Behavior & Organization, Elsevier, vol. 81(2), pages 524-533.
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    4. Daniel Kahneman & Amos Tversky, 2013. "Prospect Theory: An Analysis of Decision Under Risk," World Scientific Book Chapters, in: Leonard C MacLean & William T Ziemba (ed.), HANDBOOK OF THE FUNDAMENTALS OF FINANCIAL DECISION MAKING Part I, chapter 6, pages 99-127, World Scientific Publishing Co. Pte. Ltd..
    5. Richard R. W. Brooks & Alexander Stremitzer & Stephan Tontrup, 2012. "Framing Contracts: Why Loss Framing Increases Effort," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 168(1), pages 62-82, March.
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