Leveraging Behavioral Economics to Understand and Improve Financial Decision Making Among Vulnerable Older Adults

Frequency of choosing the riskier option on the risk tolerance decision-making task

时间窗: During the time of the decision-making task (about 5-10 minutes)

Participants will complete a decision-making session that captures multiple dimensions of behavioral preferences via incentivized choice-based tasks with real monetary rewards. The study team will administer the following decision-making task via a web-based survey platform to characterize risk tolerance (willingness to accept uncertain outcomes). The task involves multiple rounds (between 20 to 40) that vary option-specific information to facilitate mapping of elicited behavioral responses onto parameters characterizing standard utility functions.

Frequency of choosing the more trusting option on the trust decision-making task

时间窗: During the time of the decision-making task (about 5-10 minutes)

Participants will complete a decision-making session that captures multiple dimensions of behavioral preferences via incentivized choice-based tasks with real monetary rewards. The study team will administer the following decision-making task via a web-based survey platform to characterize interpersonal trust (willingness to accept being vulnerable to other people). The task involves multiple rounds (between 20 to 40) that vary option-specific information to facilitate mapping of elicited behavioral responses onto parameters characterizing standard utility functions.

Frequency of choosing the more altruistic option on the altruism decision-making task

时间窗: During the time of the decision-making task (about 5-10 minutes)

Participants will complete a decision-making session that captures multiple dimensions of behavioral preferences via incentivized choice-based tasks with real monetary rewards. The study team will administer the following decision-making task via a web-based survey platform to characterize altruism (willingness to incur a financial cost to benefit another person). The task involves multiple rounds (between 20 to 40) that vary option-specific information to facilitate mapping of elicited behavioral responses onto parameters characterizing standard utility functions.

Frequency of choosing the more patient option on the impatience decision-making task

时间窗: During the time of the decision-making task (about 5-10 minutes)

Participants will complete a decision-making session that captures multiple dimensions of behavioral preferences via incentivized choice-based tasks with real monetary rewards. The study team will administer the following decision-making task via a web-based survey platform to characterize patience (willingness to forego a sooner reward for a bigger future reward). The task involves multiple rounds (between 20 to 40) that vary option-specific information to facilitate mapping of elicited behavioral responses onto parameters characterizing standard utility functions.

Frequency of choosing the less loss-averse option on the loss-aversion decision-making task

时间窗: During the time of the decision-making task (about 5-10 minutes)

Participants will complete a decision-making session that captures multiple dimensions of behavioral preferences via incentivized choice-based tasks with real monetary rewards. The study team will administer the following decision-making task via a web-based survey platform to characterize loss aversion (tendency to weigh potential losses more heavily than equivalent gains). The task involves multiple rounds (between 20 to 40) that vary option-specific information to facilitate mapping of elicited behavioral responses onto parameters characterizing standard utility functions.

Physiological arousal as measured via heart rate

时间窗: During the time of the decision-making tasks (about 20-40 minutes)

Participants recruited for in-lab sessions will complete the decision-making tasks while also sitting before a monitor with an eye-tracker to monitor attention, a webcam to monitor facial expressions, and with a wireless device (non-invasive transmitter placed on participant's wrist with two electrodes attached to finger) worn to monitor physiological measurements (heart rate and skin conductance) while completing the choice-based tasks.

Physiological arousal as measured via skin conductance

时间窗: During the time of the decision-making tasks (about 20-40 minutes)

Participants recruited for in-lab sessions will complete the decision-making tasks while also sitting before a monitor with an eye-tracker to monitor attention, a webcam to monitor facial expressions, and with a wireless device (non-invasive transmitter placed on participant's wrist with two electrodes attached to finger) worn to monitor physiological measurements (heart rate and skin conductance) while completing the choice-based tasks.

Physiological arousal as measured via pupil dilation

时间窗: During the time of the decision-making tasks (about 20-40 minutes)

Participants recruited for in-lab sessions will complete the decision-making tasks while also sitting before a monitor with an eye-tracker to monitor attention, a webcam to monitor facial expressions, and with a wireless device (non-invasive transmitter placed on participant's wrist with two electrodes attached to finger) worn to monitor physiological measurements (heart rate and skin conductance) while completing the choice-based tasks.

Frequency of facial expressions associated with valence and engagement

时间窗: During the time of the decision-making tasks (about 20-40 minutes)

Participants recruited for in-lab sessions will complete the decision-making tasks while also sitting before a monitor with an eye-tracker to monitor attention, a webcam to monitor facial expressions, and with a wireless device (non-invasive transmitter placed on participant's wrist with two electrodes attached to finger) worn to monitor physiological measurements (heart rate and skin conductance) while completing the choice-based tasks. Facial expressions will be assessed using a facial expression analysis system (iMotions software).

Attention as assessed by eye fixations

时间窗: During the time of the decision-making tasks (about 20-40 minutes)

Participants recruited for in-lab sessions will complete the decision-making tasks while also sitting before a monitor with an eye-tracker to monitor attention, a webcam to monitor facial expressions, and with a wireless device (non-invasive transmitter placed on participant's wrist with two electrodes attached to finger) worn to monitor physiological measurements (heart rate and skin conductance) while completing the choice-based tasks. Relative fixation duration on each option in the behavioral tasks will be measured via an eye tracker (SmartEye).