Aging and Decision Making

Aging and Decision Making

Empirical and Applied Perspectives
2015, Pages 351-370
Aging and Decision Making

Chapter 17 - Aging and Consumer Decision Making

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Abstract

As populations of older adults around the world continue to grow at an accelerated rate, many challenges face society. In the consumer domain, there is a need to understand age-related changes in decision-making processes. Decisions made by older consumers have the potential to influence their well-being and life satisfaction in important and systematic ways. In this chapter, we review literature that examines how normal aging impacts consumer decision making via changes in cognitive functioning and decision processing. We then describe various factors that moderate the effects of aging on consumer decision making, including the choice environment and context, the meaningfulness and personal relevance of the decision to the consumer, and the expertise that a consumer has in a given decision domain. We conclude by identifying gaps in the literature and proposing a number of future research directions.

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