validation experiment, older subjects make worse decisions than younger subjects. -- Experiments ; decision making ; optimal … are designed to mimic the selection of health insurance, prescription drug, or retirement savings plans. In our experiment …, available options can be objectively ranked allowing us to examine optimal decision making. First, the probability of a person …

are designed to mimic the selection of health insurance, prescription drug, or retirement savings plans. In our experiment …, available options can be objectively ranked allowing us to examine optimal decision making. First, the probability of a person … subjects. Second, heuristics differ by age with older subjects relying more on suboptimal decision rules. In a heuristics …