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2012-05-22Diskussionspapier DOI: 10.18452/4411
The Aging Investor
dc.contributor.authorMohr, Peter N.C.
dc.contributor.authorHeekeren, Hauke R.
dc.date.accessioned2017-06-16T00:40:42Z
dc.date.available2017-06-16T00:40:42Z
dc.date.created2012-06-11
dc.date.issued2012-05-22
dc.date.submitted2012-05-22
dc.identifier.issn1860-5664
dc.identifier.urihttp://edoc.hu-berlin.de/18452/5063
dc.description.abstractIndividuals in most industrialized countries have to make investment decisions throughout their adult life span to save for their retirement. These decisions substantially affect their living standards in old age. Research on cognitive aging has already demonstrated several changes in cognitive functions (e.g., processing speed) that likely influence investment decisions. This review brings together research on behavioral and neural aspects of financial decision making and aging to advance knowledge on age-related changes in financial decision making. The dopaminergic system plays a key role in financial decision making, both in financial decisions from description and financial decisions from experience. Importantly, both dopaminergic neuromodulation and financial decision making change during healthy aging. Especially when the parameters of the return distribution have to be learned from experience, older adults show a different and suboptimal choice behavior compared to younger adults. Based on these observations we suggest ways to circumvent the age-related bias in financial decision making to improve older adults’ wealth.eng
dc.language.isoeng
dc.publisherHumboldt-Universität zu Berlin, Wirtschaftswissenschaftliche Fakultät
dc.rights.urihttp://rightsstatements.org/vocab/InC/1.0/
dc.subjectriskeng
dc.subjectagingeng
dc.subjectfMRIeng
dc.subjectneuroeconomicseng
dc.subjectneurofinanceeng
dc.subjectneuromodulationeng
dc.subjectrisk-return modelseng
dc.subjectdecision making under riskeng
dc.subject.ddc310 Sammlungen allgemeiner Statistiken
dc.subject.ddc330 Wirtschaft
dc.titleThe Aging Investor
dc.typeworkingPaper
dc.identifier.urnurn:nbn:de:kobv:11-100202464
dc.identifier.doihttp://dx.doi.org/10.18452/4411
local.edoc.pages27
local.edoc.type-nameDiskussionspapier
local.edoc.container-typeseries
local.edoc.container-type-nameSchriftenreihe
local.edoc.container-year2012
dc.title.subtitleInsights from Neuroeconomics
dc.identifier.zdb2195055-6
bua.series.nameSonderforschungsbereich 649: Ökonomisches Risiko
bua.series.issuenumber2012,38

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