Economic decisions of older adults
We, individually and as a society, are ageing. But what does that do to how we make economic decisions.
The demographic trend across the world show that societies are becoming older, meaning that increasingly large shares of the population are old and, consequently, that the average citizen is becoming older. This trend, already having visible effects in "old" societies, such as Japan, but also affecting "young" societies, such as Australia, will continue to shape our societies. That is, it will increasingly determine how we function as a society, including our economies.
While much research investigates the direct financial impact of ageing societies on public services - the need for new infrastructures, health services and retirement schemes - this research project asks a different question: What happens if our representative decision maker has changed? What does it make for choices with a large economic impact via markets and institutions, such as investing retirement money, sharing with others or even voting? For this, we consider that ageing is often paralleled by mild cognitive decline, as well as reduced brain plasticity, and that this may impact how we make decisions for ourselves and in society.