Cross-National Differences in Gain-Domain Risk Preferences among Older Populations: Judgment and Decision-Making Behaviors in Rapidly Aging Countries

Abstract

This research explores the systematic, cross-national differences in choice-inferred risk preferences between American and South Korean (“Korean”) elders. A total of four different sample groups including – the American elders , the Korean elders, the American young adults, and the Korean young adults – were surveyed. All four groups were asked to partake in a two-part questionnaire: one pertaining to their background information and the other consisting of a set of gain-domain choice questions based on hypothetical lottery situations. The result of the study highlights three statistically significant (α=0.05) findings among the groups surveyed: (1) The Korean elderly group tend to be more risk-averse than the American elderly group, (2) the American elderly group tend to be more risk-seeking than the American young adult group, (3) and the Korean elderly group tend to be more risk-averse than the Korean young adult group.