Abstract
Decisions made in later life can dramatically impact older adults' health and financial well-being. Using Medicare Part D as a real-life decision-making example, this chapter aims to illustrate factors that may impact older adults' decision-making ability, with a particular focus on choice set size preferences. Dual-process perspectives suggest that older adults should perform worse on deliberative tasks, particularly when they are cognitively demanding. Consistent with this view, it is not surprising that more options do not always contribute to better decision making among older adults. Older adults also prefer fewer options when explicitly asked, and that preference is mediated by cognitive abilities. Other factors, such as numeracy and personality, are also discussed as potential influences on choice preferences both across and within age groups. We conclude by making suggestions for policy change based on the reviewed empirical work.
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