| Publication type: | Article in scientific journal |
| Type of review: | Peer review (publication) |
| Title: | Pay one or pay all? : the role of incentive schemes in decision making across adulthood |
| Authors: | Horn, Sebastian S. Schaltegger, Thierry Best, Ryan Freund, Alexandra M. Krendl, Anne |
| et. al: | No |
| DOI: | 10.1093/geronb/gbac108 |
| Published in: | The Journals of Gerontology: Series B |
| Volume(Issue): | 78 |
| Issue: | 1 |
| Page(s): | 51 |
| Pages to: | 61 |
| Issue Date: | 28-Jan-2023 |
| Publisher / Ed. Institution: | Oxford University Press |
| ISSN: | 1079-5014 1758-5368 |
| Language: | English |
| Subjects: | Incentive; Motivation; Preference; Loss; Risk; Decision making; Adult |
| Subject (DDC): | 150: Psychology 305: Groups (age, origine, gender, income) |
| Abstract: | Objectives: This research addresses how younger and older adults’ decisions and evaluations of gains and losses are affected by the way in which monetary incentives are provided. We compared 2 common incentive schemes in decision making: pay one (only a single decision is incentivized) and pay all (incentives across all decisions are accumulated). Method: Younger adults (18–36 years; n = 147) and older adults (60–89 years; n = 139) participated in either a pay-one or pay-all condition and made binary choices between two-outcome monetary lotteries in gain, loss, and mixed domains. We analyzed participants’ decision quality, risk taking, and psychometric test scores. Computational modeling of cumulative prospect theory served to measure sensitivity to outcomes and probabilities, loss aversion, and choice sensitivity. Results: Decision quality and risk aversion were higher in the gain than mixed or loss domain, but unaffected by age. Loss aversion was higher, and choice sensitivity was lower in older than younger adults. In the pay-one condition, the value functions were more strongly curved, and choice sensitivity was higher than in the pay-all condition. Discussion: An opportunity of accumulating incentives has similar portfolio effects on younger and older adults’ decisions. In general, people appear to decide less cautiously in pay-all than pay-one scenarios. The impact of different incentive schemes should be carefully considered in aging and decision research. |
| URI: | https://digitalcollection.zhaw.ch/handle/11475/30387 |
| Fulltext version: | Published version |
| License (according to publishing contract): | Licence according to publishing contract |
| Departement: | School of Management and Law |
| Organisational Unit: | Institute of Business Information Technology (IWI) |
| Appears in collections: | Publikationen School of Management and Law |
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Horn, S. S., Schaltegger, T., Best, R., Freund, A. M., & Krendl, A. (2023). Pay one or pay all? : the role of incentive schemes in decision making across adulthood. The Journals of Gerontology: Series B, 78(1), 51–61. https://doi.org/10.1093/geronb/gbac108
Horn, S.S. et al. (2023) ‘Pay one or pay all? : the role of incentive schemes in decision making across adulthood’, The Journals of Gerontology: Series B, 78(1), pp. 51–61. Available at: https://doi.org/10.1093/geronb/gbac108.
S. S. Horn, T. Schaltegger, R. Best, A. M. Freund, and A. Krendl, “Pay one or pay all? : the role of incentive schemes in decision making across adulthood,” The Journals of Gerontology: Series B, vol. 78, no. 1, pp. 51–61, Jan. 2023, doi: 10.1093/geronb/gbac108.
HORN, Sebastian S., Thierry SCHALTEGGER, Ryan BEST, Alexandra M. FREUND und Anne KRENDL, 2023. Pay one or pay all? : the role of incentive schemes in decision making across adulthood. The Journals of Gerontology: Series B. 28 Januar 2023. Bd. 78, Nr. 1, S. 51–61. DOI 10.1093/geronb/gbac108
Horn, Sebastian S., Thierry Schaltegger, Ryan Best, Alexandra M. Freund, and Anne Krendl. 2023. “Pay One or Pay All? : The Role of Incentive Schemes in Decision Making across Adulthood.” The Journals of Gerontology: Series B 78 (1): 51–61. https://doi.org/10.1093/geronb/gbac108.
Horn, Sebastian S., et al. “Pay One or Pay All? : The Role of Incentive Schemes in Decision Making across Adulthood.” The Journals of Gerontology: Series B, vol. 78, no. 1, Jan. 2023, pp. 51–61, https://doi.org/10.1093/geronb/gbac108.
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