@article {9093,
	title = {Time discounting and economic decision-making in the older population},
	journal = {The Journal of the Economics of Ageing},
	volume = {14},
	year = {2019},
	abstract = {This paper examines heterogeneity in time discounting among a representative sample of elderly Americans, as well as its role in explaining key economic behaviors at older ages. We show how older Americans evaluate simple (hypothetical) inter-temporal choices in which payments today are compared with payments in the future. Using the indicators derived from this measure, we then demonstrate that differences in discounting patterns are associated with characteristics of particular importance in elderly populations. For example, cognitive deficits are associated with greater impatience, whereas bequest motives are associated with less impatience. We then relate our discounting measure to key economic outcomes and find that impatience is associated with lower wealth, fewer investments in health, and less planning for end of life care.},
	keywords = {Decision making, Retirement Planning and Satisfaction, Self-control},
	issn = {2212828X},
	doi = {10.1016/j.jeoa.2017.05.001},
	url = {http://www.sciencedirect.com/science/article/pii/S2212828X16300457},
	author = {Huffman, David and Maurer, Raimond and Olivia S. Mitchell}
}
@article {9596,
	title = {On the Relationship between Cognitive Ability and Risk Preference},
	journal = {Journal of Economic Perspectives},
	volume = {32},
	year = {2018},
	month = {Jan-05-2018},
	pages = {115 - 134},
	abstract = {This paper will focus on the relationship between cognitive ability and decision-making under risk and uncertainty. Taken as a whole, this research indicates that cognitive ability is associated with risk-taking behavior in various contexts and life domains, including incentivized choices between lotteries in controlled environments, behavior in nonexperimental settings, and self-reported tendency to take risks. One pattern that emerges frequently in these studies is that cognitive ability tends to be positively correlated with avoidance of harmful risky situations, but it tends to be negatively correlated with risk aversion in advantageous situations. We conclude by discussing perspectives for future research, in particular the scope for the development of richer sets of elicitation instruments and measurement across a wider range of concepts.

},
	keywords = {Cognitive Ability, Decision making, Risk Taking},
	issn = {0895-3309},
	doi = {10.1257/jep.32.2.115},
	url = {https://pubs.aeaweb.org/doi/10.1257/jep.32.2.115https://pubs.aeaweb.org/doi/pdf/10.1257/jep.32.2.115},
	author = {Dohmen, Thomas and Falk, Armin and Huffman, David and Sunde, Uwe}
}
@article {8842,
	title = {Time discounting and economic decision-making among the elderly},
	number = {Working Paper No. 22438},
	year = {2016},
	month = {07/2016},
	pages = {1-40},
	institution = {National Bureau of Economic Research},
	address = {Cambridge, MA},
	abstract = {This paper evaluates the extent of heterogeneity in time discounting among elderly Americans, as well as its role in explaining older peoples{\textquoteright} key behaviors. We first show how older Americans evaluate simple (hypothetical) intertemporal choices in which payments now are compared with payments in the future. This adds to the literature on time horizon experiments by focusing on a nationally representative sample of persons age 70+. Using the indicators derived from this experiment, we show how differences in discounting patterns are associated with characteristics of particular importance in elderly populations, such as serious health and mental conditions. We then relate our discounting measure to key outcome variables including wealth, the timing of retirement, investments in health, and decisions about end of life care.},
	keywords = {Decision making, Health Conditions and Status, Older Adults},
	doi = {10.3386/w22438},
	url = {http://www.nber.org/papers/w22438.pdf},
	author = {Huffman, David and Maurer, Raimond and Olivia S. Mitchell}
}
