Besedes, Tibor; Deck, Cary A.; Sarangi, Sudipta; Shor, … - 2013
are designed to mimic the selection of health insurance, prescription drug, or retirement savings plans. In our experiment … subjects. Second, heuristics differ by age with older subjects relying more on suboptimal decision rules. In a heuristics … validation experiment, older subjects make worse decisions than younger subjects …