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Money Challenges (and Advice) for Adults Over Age 55

Decision Science News | March 25, 2015

Older adults have very different money priorities than younger members of their families. Rather than focusing on accruing wealth, older adults should strive to spend less and to plan their estate. A large concern when it comes to these activities is cognitive decline. Eric Johnson, Columbia Business School, says that while cognitive challenges are present in older age, years of collected wisdom can counteract this decline.

Topics: Business Economics and Public Policy, Healthcare | Read Article

Healthcare.gov 3.0 — Behavioral Economics and Insurance Exchanges

Decision Science News | February 23, 2015

In October 2013, the Affordable Care Act introduced a new insurance market — state and federal exchanges where people can purchase health insurance for themselves or their families. Although the rollout of the exchanges was disastrous, around-the-clock efforts fixed many of the biggest technical problems, and nearly 7 million people purchased insurance in the new market.

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Why Confidence May Be Your Biggest Financial Risk in Retirement

Decision Science News | January 26, 2015

Practice and experience that come with age may offset much of the adverse impact from slipping brainpower, say Read Article

The next energy revolution won’t be in wind or solar. It will be in our brains.

Decision Science News | January 23, 2015

One popular paradigm for thinking about how to deal with the problem of global warming is to divide the problem into “wedges.” Thus, one wedge would be to increase solar power.

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Rising Consumer Delinquencies and Persistent Wealth Gap Foreseen in North America: FICO Survey

Decision Science News | January 21, 2015

A survey conducted by FICO finds that while consumer deliquencies and credit card debt are expected to rise in the first half of 2015, the U.S. and Canada are less pessimistic than previous quarters regarding student loan delinquencies. 

 

 

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DEBUNKING AGING MYTHS IN FINANCIAL DECISIONS

Decision Science News | January 15, 2015

New research shows cognitive aging does not spell doom for financial decision-making

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As We Age, We Get Both Smarter and Less Smart

Decision Science News | January 15, 2015

The bad news: our brains slow down as we age. As early as our 30s, "fluid intelligence" starts deteriorating. The good news: another type of smarts—"crystallized intelligence," or the ability to use skills, knowledge, and experience—keeps growing until we get elderly.

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Thinking about how you’ll be remembered by future generations can prompt pro-environment behavior.

Decision Science News | January 12, 2015

Most Americans believe that climate change is occurring. But as a recentPew survey confirms, we don’t view it as a high-priority problem. After all, we reason, its most severe impacts won’t be felt for decades. So why change our behavior now?

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Graying, but still golden

Decision Science News | January 12, 2015

RIVERSIDE, Calif. -- Getting old doesn't spell doom when it comes to making important financial decisions, a team of researchers led by a University of California, Riverside assistant professor report in a just published paper.

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Sound credit scores and financial decisions despite cognitive aging

Decision Science News | January 12, 2015

At a time when the world’s 65-and-older population will double by 2035, policy changes have transferred many complex financial and healthcare decisions to individuals. Age-related declines in cognitive ability raise the specter that older adults facing major financial decisions may find them increasingly challenging. We explore whether knowledge and expertise accumulated from past decisions can offset age-related cognitive declines.

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