Abstract

Many everyday decisions involve outcomes that are both delayed and probabilistic. Although previous research has reported inconsistent age-related effects on discounting, few studies have taken into account the multi-attribute nature of real-world choices or the moderating role of financial resources. Accordingly, the present research examined the interactive effects of age, income, and multi-attribute contexts to test how resource constraints and task dimensionality moderate attribute salience. Across two studies (total N = 600), stratified samples of younger (35-45) and older (62-72) adults with lower (<$60,000) and higher (>$100,000) annual household incomes completed standard and multi-attribute adjusting-amount discounting tasks. In Study 1 (Delay Discounting), older adults discounted delayed rewards significantly less steeply than younger adults in the standard task; however, this age difference was not observed when outcomes were also probabilistic. In Study 2 (Probability Discounting), older adults discounted probabilistic rewards significantly more steeply (i.e., greater risk aversion) than younger adults. Unlike delay discounting, this age difference persisted in the multi-attribute context, remaining stable even when outcomes were delayed. Notably, both studies supported a resource-dependent model of aging. In contrast to prior findings supporting an emotional buffering hypothesis among lower-income groups, the observed age differences were localized within the higher-income group. Specifically, financial security and objective financial literacy predicted domain-specific choice patterns in older adults – shallower delay discounting and greater risk aversion – whereas under conditions of financial scarcity, these age-related differences were not observed. These findings suggest that the decision-making of older adults is highly sensitive to contextual attribute salience. When evaluating multi-attribute outcomes, the probability dimension appears to dominate the evaluation, predicting the absence of the age-related difference in delay discounting while preserving the greater risk aversion associated with older age. Furthermore, these distinct choice patterns are constrained by the availability of objective financial resources and knowledge.

Committee Chair

Leonard Green

Committee Members

Ana Baumann; Derek Isaacowitz; Joel Myerson; Sandra Hale; Todd Braver

Degree

Doctor of Philosophy (PhD)

Author's Department

Psychology

Author's School

Graduate School of Arts and Sciences

Document Type

Dissertation

Date of Award

4-24-2026

Language

English (en)

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Psychology Commons

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