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Although global declines in structure have been documented in the aging human brain, little is known about the functional integrity of the striatum and prefrontal cortex in older adults during incentive processing. We used event-related functional magnetic resonance imaging to determine whether younger and older adults differed in both self-reported and neural responsiveness to anticipated monetary gains and losses. The present study provides evidence for intact striatal and insular activation during gain anticipation with age, but shows a relative reduction in activation during loss anticipation. These findings suggest that there is an asymmetry in the processing of gains and losses in older adults that may have implications for decision making.
As the proportion of older adults continues to grow rapidly here in the U.S. and across the globe, aging adults may be required to make increasingly more independent health-related and financial decisions. Thus, it is increasingly imperative to better understand the impact of age-related psychological changes on decision making. Although a growing body of research has linked age-related deficits in attention, memory, and cognitive control to changes in medial temporal and lateral prefrontal cortical function, remarkably little research has investigated the influence of aging on valuation and associated mesolimbic function in the striatum and medial prefrontal cortex. Likewise, theoretical accounts link age-related declines in a number of basic cognitive abilities to dopamine function, but research has largely neglected age differences in value-based learning and decision making which also rely on the dopamine system. Recent findings reveal age-related declines in the structure of striatal and medial frontal circuits, however it was not previously clear whether these structural declines contribute to functional deficits in incentive processing. Thus, the seven experiments presented here explored potential age differences across a range of value-based tasks from basic anticipatory and consummatory responses to reward cues (Experiments 1--2) to probabilistic value-based learning (Experiments 2--5) to investment decision making (Experiments 6--7). The studies focus on both age-related and non-age-related individual differences in learning and decision making across the adult life span. Overall, three sets of key findings emerge. The first set of experiments on anticipatory affect reveal evidence for an age-related asymmetry in the anticipation of monetary gains and losses, such that older adults appear less sensitive to the prospect of financial loss than younger adults. In a subset of adults, this anticipatory affective bias contributes to loss avoidance learning impairments through the sensitivity of the anterior insula. Thus, although a relative lack of anxiety about potential loss may contribute to increased well-being, this asymmetry may put individuals with blunted loss anticipation at risk for certain types of financial mistakes. In fact, we show that individuals who perform poorly on the laboratory-based loss avoidance learning task accrue more financial debt in the real world. The second set of experiments focus on age differences in value-based learning and reveal that although older adults show intact neural representation of the actual value of reward outcomes, there is an age-related decline in the neural representation of prediction error at outcome in the striatum and medial prefrontal cortex. Age differences in learning are magnified when choice set size is increased, but when the number of trials is extended older adults reach the same performance criterion as younger adults. The third set of experiments focus on age differences in risky financial decision making and reveal that older adults make more suboptimal choices than younger adults when choosing risky assets. Neuroimaging analyses reveal that the representation of expected value in the nucleus accumbens and medial prefrontal cortex is correlated with optimal investment decisions, and that the age-related increase in risky investment mistakes is mediated by a novel neural measure of variability in nucleus accumbens activity. The presentation of value information through visual decision aids improves investment choices in both younger and older adults. These findings are consistent with the notion that mesolimbic circuits play a critical role in optimal choice, and imply that providing simplified information about expected value may improve financial risk taking across the adult life span. Across the experiments, the findings suggest that both age-related affective biases and probabilistic learning impairments can influence decision making both in the laboratory and in the real world through insular and mesolimbic brain regions. Importantly, age-related impairments are reduced under supportive task conditions (designed to target the brain systems identified using neuroimaging). Together, the set of experiments presented here suggests that understanding how the brain processes value information may eventually inform the design of more targeted and effective behavioral interventions for investors of all ages.
Decisions large and small play a fundamental role in shaping life course trajectories of health and well-being: decisions draw upon an individual's capacity for self-regulation and self-control, their ability to keep long-term goals in mind, and their willingness to place appropriate value on their future well-being. Aging and Decision Making addresses the specific cognitive and affective processes that account for age-related changes in decision making, targeting interventions to compensate for vulnerabilities and leverage strengths in the aging individual. This book focuses on four dominant approaches that characterize the current state of decision-making science and aging - neuroscience, behavioral mechanisms, competence models, and applied perspectives. Underscoring that choice is a ubiquitous component of everyday functioning, Aging and Decision Making examines the implications of how we invest our limited social, temporal, psychological, financial, and physical resources, and lays essential groundwork for the design of decision supportive interventions for adaptive aging that take into account individual capacities and context variables. - Divided into four dominant approaches that characterize the current state of decision-making science and aging neuroscience - Explores the impact of aging on the linkages between cortical structures/functions and the behavioral indices of decision-making - Examines the themes associated with behavioral approaches that attempt integrations of methods, models, and theories of general decision-making with those derived from the study of aging - Details the changes in underlying competencies in later life and the two prevailing themes that have emerged—one, the general individual differences perspective, and two, a more clinical focus
This book reviews the latest research from psychology, neuroscience, and behavioral economics evaluating how people make financial choices in real-life circumstances. The volume is divided into three sections investigating financial decision making at the level of the brain, the level of an individual decision maker, and the level of the society, concluding with a discussion of the implications for further research. Among the topics discussed: Neural and hormonal bases of financial decision making Personality, cognitive abilities, emotions, and financial decisions Aging and financial decision making Coping methods for making financial choices under uncertainty Stock market crashes and market bubbles Psychological perspectives on borrowing, paying taxes, gambling, and charitable giving Psychological Perspectives on Financial Decision Making is a useful reference for researchers both in and outside of psychology, including decision-making experts, consumer psychologists, and behavioral economists.
This book aims to disseminate and share knowledge about financial exploitation of elders with the purpose of protecting those individuals in our society who are most vulnerable to financial abuse and mistreatment. It instructs practicing clinicians in identification of risk factors, recognition of signs, and implementation of screening methods to protect their patients. This updated edition expands upon and advances the earlier text by including the most recent research and methods used to assess risk of financial exploitation, as well as updates in how the law approaches such cases. It also highlights ways in which community awareness can aid in identifying those most at risk, effectively protecting the elderly community, advocating for those victimized, and pursuing perpetrators to the fullest extent of the law. Professionals from law enforcement, medical clinics, financial institutions, and the legal field are now tasked with acting on suspected situations thanks to increasing recognition of financial abuse and mistreatment of an aging population. This book also guides professionals on how to discuss this information with potential victims. This second edition of Aging and Money expands the knowledge base to highlight the perspectives of different disciplines including professionals in medicine, law, the financial industry, and social services who play an important role in investigating and preventing financial abuse of the elderly.
Money. The root of all evil? Arguably. Essential to our lives? Certainly. A main driver of human thought, emotion, and action? Absolutely--and psychology and its related fields are getting closer to understanding its complex role in human behavior and in society. The Psychological Science of Money brings together classic and current findings on the myriad ways money affects brain, mind, and behavior to satisfy not only our needs for material gain, but also for autonomy and self-worth. Leading experts trace the links between early concepts of value and modern symbolic meanings of wealth, in addition to identifying the areas of the human brain that together act as its financial center. This cross-disciplinary analysis helps clarify the neuroscience behind pathological gambling, the critical role of time in financial decisions, and the impact of money on diverse personal activities and interpersonal relationships. Included in the coverage: Materiality, symbol, and complexity in the anthropology of money. The (relative and absolute) subjective value of money. Conscious and unconscious influences of money: two sides of the same coin? A life-course approach to dealing with monetary gains and losses Motivation and cognitive control: beyond monetary incentives. An integrative perspective on the science of getting paid. The psychological science of spending. The unique role of money in society makes The Psychological Science of Money a singularly fascinating resource with a wide audience among social psychologists, industrial and organizational psychologists, economists, sociologists, anthropologists, and public policymakers.
Family caregiving affects millions of Americans every day, in all walks of life. At least 17.7 million individuals in the United States are caregivers of an older adult with a health or functional limitation. The nation's family caregivers provide the lion's share of long-term care for our older adult population. They are also central to older adults' access to and receipt of health care and community-based social services. Yet the need to recognize and support caregivers is among the least appreciated challenges facing the aging U.S. population. Families Caring for an Aging America examines the prevalence and nature of family caregiving of older adults and the available evidence on the effectiveness of programs, supports, and other interventions designed to support family caregivers. This report also assesses and recommends policies to address the needs of family caregivers and to minimize the barriers that they encounter in trying to meet the needs of older adults.
Integrates a neuroscience approach to study aging. In addition to covering standard cognitive functions, it incorporates socioemotional abilities.
By 2030 there will be about 70 million people in the United States who are older than 64. Approximately 26 percent of these will be racial and ethnic minorities. Overall, the older population will be more diverse and better educated than their earlier cohorts. The range of late-life outcomes is very dramatic with old age being a significantly different experience for financially secure and well-educated people than for poor and uneducated people. The early mission of behavioral science research focused on identifying problems of older adults, such as isolation, caregiving, and dementia. Today, the field of gerontology is more interdisciplinary. When I'm 64 examines how individual and social behavior play a role in understanding diverse outcomes in old age. It also explores the implications of an aging workforce on the economy. The book recommends that the National Institute on Aging focus its research support in social, personality, and life-span psychology in four areas: motivation and behavioral change; socioemotional influences on decision-making; the influence of social engagement on cognition; and the effects of stereotypes on self and others. When I'm 64 is a useful resource for policymakers, researchers and medical professionals.
Identifies how human judgment and decision making may evolve, develop and be learned or trained.