Use of descriptive and experiential information in decision making by young and older adults.

Age differences involving decision by description versus decision by experience were examined using the same general task structure to facilitate comparisons across decision types. Experiment 1 compared younger (19-43 years) and older (65-85 years) adults in four different experimental conditions involving a choice between a low-risk, low-return bet versus a high-risk, high-return bet. Experiment 2 compared young (18-27 years) to older (60-87 years) adults using similar experimental conditions, but with decisions involving a risky versus a certain option.