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Complex decision making: the roles of cognitive limitations, cognitive decline and ageing

Abstract:

We review the evidence on decision making in complex choice situations—i.e., situations where there are many alternatives and/or where attributes of alternatives are difficult to understand. We focus on choices about health insurance, health care, and retirement planning, all of which are very important for the well-being of the elderly. Our review suggests that consumers in general, and the elderly in particular, have great difficulty making optimal choices in these areas. They often behave ...

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Publication status:
Published
Peer review status:
Peer reviewed

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Institution:
University of Oxford
Division:
SSD
Department:
Economics
Oxford college:
Nuffield College
Role:
Author

Contributors

Role:
Editor
Role:
Editor
More from this funder
Name:
Australian Research Council
Funding agency for:
Keane, M
Thorp, S
Publisher:
Elsevier
Host title:
Handbook of the Economics of Population Ageing
Volume:
1
Pages:
661-709
Place of publication:
Amsterdam
Publication date:
2016-11-13
DOI:
ISBN:
9780444634054
Keywords:
Pubs id:
pubs:657838
UUID:
uuid:f659adca-4e63-4d98-b608-2c65267ec95b
Local pid:
pubs:657838
Source identifiers:
657838
Deposit date:
2016-11-10

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