Abstract
OBJECTIVES: Prior research has documented age differences in risky decisions and indicates that they are susceptible to gain versus loss framing. However, previous studies focused on "decisions from description" that explicitly spell out the probabilities involved. The present study expands this literature by examining the effects of framing on age differences in the Balloon Analogue Risk Task (BART), a widely used and ecologically valid measure of experience-based risky decision making that involves pumping a virtual balloon. METHODS: In a preregistered study, younger (aged 18-30, n = 129) and older adults (aged 60 and older, n = 125) were randomly assigned to either a gain version of the BART, where pumping the balloon added monetary gains, or a loss version, where pumping the balloon avoided monetary losses. RESULTS: We found a significant age by frame interaction on risk-taking: in the loss frame, older adults pumped more frequently and experienced more popped balloons than younger adults, whereas in the gain frame no significant age differences were found. Total performance on the BART did not vary by age or frame. Supplementary analyses indicated that age differences in pumping rates were most pronounced at the beginning of the BART and leveled off in subsequent trials. Controlling for age differences in motivation, personality, and cognition did not account for age differences in risk-taking. DISCUSSION: In combination, findings suggest that age differences in risk-taking on the BART are more pronounced when the task context emphasizes avoiding losses rather than achieving gains.