Abstract
The purpose of this paper is to evaluate the influence of aging on a framing effect. Responses to four framing questions were analyzed for the frequency differences on risk aversive choices. The analysis was conducted for comparing two different age groups, younger than 65 (N=661) and over 65 (N=168). Wang's new definition was utilized for identifying the framing effect. A typical framing effect, higher frequencies of risk aversive choices associated with the positively framed items, was observed in the younger age group. However, in the older age group, not only weren't there any signs of framing effects, but also higher frequencies of risk aversive choices were observed in the negatively framed items. Positive associations between the amount at stake and the frequencies of risk aversive choices were observed in both age groups. Two possible underlying mechanisms were hypothesized in relation to these findings, a flexible Bayesian approach and a revised prospect theory.
