openPR Logo
Press release

Financial Decision-Making and Aging: Perspectives from Neuroscience

How do natural neurological changes affect one’s acceptance of risk and, by extension, investment decisions? On Tuesday, March 15, join leading neuroscientists at the German Center for Research and Innovation (GCRI) in New York for a discussion on financial decision-making and aging.

NEW YORK (March 9, 2016) – The following is a situation that all Americans face at some point in their lives: investing for a financially secure retirement. Few Americans today benefit from guaranteed pensions, and Americans instead rely on a combined system of personal investments, employer-based retirement plans, and federal benefits. While information abounds on the basics of retirement planning, this discussion will approach the problem from a neurological perspective, offering insights into how natural neurological changes might affect one’s acceptance of risk and, by extension, investment decisions. Normal aging not only leads to marked cognitive declines in various domains (including cognitive control and working memory), but also to a decreased willingness to take risks. These age-related changes are paralleled by differences in brain structure, neuromodulation, and function.

On Tuesday, March 15, from 6:30 to 8:30 p.m., please join our speakers at the German Center for Research and Innovation (GCRI) in New York as they discuss how investment behavior changes over the adult life span, and how these changes might relate to changing neural processes underlying decision-making.

Prof. Dr. Elke U. Weber, Jerome A. Chazen Professor of International Business, Professor of Management and Psychology, and Earth Institute Professor at Columbia University, will speak, drawing upon her expertise on descriptive models of decision-making under uncertainty and time delay in financial and environmental contexts. She will present two recent studies that compared the financial decision-making of older and younger adults in the U.S., in which her team found little evidence that the quality of decisions made by older adults was compromised in the way that age-related deterioration of processing speed and cognitive ability (sometimes called “fluid intelligence”) would predict. In her talk, she will elaborate on the role of “crystallized intelligence” (wisdom of experience) and explain how her research shows that these abilities complement and can partially compensate for each other.

At Columbia, Prof. Dr. Weber founded and co-directs the Center for Decision Sciences, which generates and facilitates interdisciplinary decision research relevant to the needs of real-world decision-makers, as well as the Center for Research on Environmental Decisions, which investigates ways of facilitating human responses to climate change and climate variability. She received her B.A. in psychology (summa cum laude) from York University in Canada and her M.A. and Ph.D. from Harvard in behavior and decision analysis.

Prof. Dr. Weber will be joined by Prof. Dr. Peter Mohr, Junior Professor at the Freie Universität Berlin and Head of the FU-WZB Junior Research Group Neuroeconomics. Prof. Dr. Mohr will address how normal healthy aging not only leads to marked cognitive declines in various cognitive domains (e.g., working memory), but also to a decreased willingness to take risks. He will elaborate on how it was consequently proposed that investment behavior might also change when individuals age. Neuroscientific studies have shown that emotions play an important role in investment decisions. Processing of emotions, however, seems to stay largely intact in older adults, who might be even better in regulating their emotions compared to younger adults. Prof. Dr. Mohr’s research group investigated how these different changes across the life span affect investment behavior. In his talk, he will present their findings with regard to the different strategies various age groups use to form their choices.

Prof. Dr. Mohr received his Ph.D. in psychology from the Freie Universität Berlin. During his studies, he was a fellow at the International Max Planck Research School on the Life Course, where he investigated age-related changes in economic decisions. His research interests include situational and contextual influences on economic decision-making as well as individual differences in this domain.

Dr. Joann Halpern, Director of the German Center for Research and Innovation (GCRI) in New York, will moderate the discussion.

This discussion will take place on Tuesday, March 15, from 6:30 to 8:30 p.m. at the German Center for Research and Innovation (871 United Nations Plaza, First Avenue, btwn. 48th & 49th Streets).

Follow @gcri_ny and the hashtag #neuroeconomics for live tweets. A video recording will be available on www.germaninnovation.org shortly after the event. To RSVP by March 11, visit: https://form.jotform.com/60483789285976

This event is co-sponsored by the German Center for Research and Innovation and the WZB Berlin Social Science Center.

The German Center for Research and Innovation provides information and support for the realization of cooperative and collaborative projects between North America and Germany. With the goal of enhancing communication on the critical challenges of the 21st century, GCRI hosts a wide range of events from lectures and exhibitions to workshops and science dinners. Opened in February 2010, GCRI was created as a cornerstone of the German government’s initiative to internationalize science and research and is one of six centers worldwide.

Jennifer Audet
Communications Officer
German Center for Research and Innovation (GCRI)
871 United Nations Plaza
New York, NY 10017
1.212.339.8680 X302

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Financial Decision-Making and Aging: Perspectives from Neuroscience here

News-ID: 325568 • Views:

More Releases from German Center for Research and Innovation

Falling Walls Lab Competition to Take Place in NYC
Falling Walls Lab Competition to Take Place in NYC
The German Center for Research and Innovation (GCRI) will host the Falling Walls Lab, a global forum for innovators to pitch their research and business ideas on September 14, 2017, at the German Center for Research and Innovation New York. New York, August 31, 2017 – In the quest to find solutions to today’s global challenges, new walls will need to fall in science and society. Nine entrepreneurs, innovators, and
Falling Walls Lab New York calls for talented researchers and professionals to showcase their most innovative ideas
Falling Walls Lab New York calls for talented researchers and professionals to s …
Applications for the Falling Walls Lab in New York are now being accepted. Outstanding researchers, entrepreneurs and professionals will have 3 minutes to present their cutting-edge ideas at the German Center for Research and Innovation in NYC on September 14, 2017. Applications are due by June 12. New York, May 30. In 2017, international Falling Walls Labs are taking place all over the world. Who is eligible? Bachelor and Master students,
Smart Cities and Urban Development
Smart Cities and Urban Development
By 2050, the world's population is expected to reach nine billion, with over two thirds of people living in cities. On May 2, 2017, sustainability experts will convene at the German Center for Research and Innovation (GCRI) in New York to discuss future solutions for urban systems. Urbanization, globalization, demographic and climate change are continually placing higher demands on our cities. In order to achieve the goal of sustainable
Applications of CRISPR Technologies in Research and Industry
Applications of CRISPR Technologies in Research and Industry
On March 30, 2017, a distinguished panel from academia and industry will discuss some of the applications and challenges of CRISPR technologies. The panel discussion will take place at the German Center for Research and Innovation (GCRI) in New York. Few discoveries have attracted more attention in the area of molecular biology over the last three years than CRISPR-Cas9, a relatively new technology that is groundbreaking, controversial and developing

All 4 Releases


More Releases for Prof

Ear Ringing How to Treat by Prof. Dr. Luis Gavin
By Prof. Dr. Luis Gavin, King’s College and Gargash Hospital in Dubai Professor Dr. Luis Gavin – a leading international Speaker, Maxillofacial Surgeon from Spain, Specialist in ear ringing and tinnitus, dealing with hundreds of patients each year. Ear ringing is the perception of noise or ringing in the ears. It can cause hearing loss, loudness, discomfort and imbalance. Sadly, many cases often go untreated or are misdiagnosed as Meniere's disease, vertigo,
Face lifting Without Surgery By Prof. Dr. Luis Gavin
Face lifting Without Surgery By Prof. Dr. Luis Gavin, a leading international Speaker, Maxillofacial Surgery Consultant – and Ozone Therapist Works at King’s College Hospital, a leading hospital in Dubai. How Is it Performed? The thread lift procedure can be performed under local anesthesia and only takes 1 to 2 hours. The surgeon inserts tiny threads, bio absorbable sutures, under the skin of the face. The sutures attach to skin tissue and
Prof. Igor Eleferenko appointed Dean of Al-Khalifa Business School
H.E. Prof. Sir Igor Eleferenko Ph.D. (Russian Federation) has been elected on 6th April 2020 as the Dean of Al-Khalifa Business School. Born on 23rd May 1958, in Moscow; in 1980 he graduated from Moscow State Pedagogical Institute named after M. Teresa. He has more than 40 years of experience as Associate Editor, Editor, Deputy Head of the APN Bureau in Havana, Deputy Editor-in-Chief, Editor-in-Chief of AVID APN, Editor-in-chief of TRK "TV-News"
Union Budget 2020-21 : Forecasts by Prof. Yamini Agarwal
Fiscal Deficit in the Budget to be presented on 1st February, 2020 is likely to be 3.34% depending upon the growth targets fixed by the Finance Minister said Prof. (Dr.) Yamini Agarwal, Professor of Finance and Dean (Research), Indian Institute of Finance while making a presentation on "My Budget" for the programme - Mera Budget on Rajya Sabha TV recently. According to her, the major issues in the present budget are
Banasthali Celebrates 87th Birthday of Dada Prof Diwakar Shastri
By nurturing Banasthali which is today one among the most sought after and top ranking women’s universities in India with global ranking, Prof Diwakar Shastri known to one and all as “Dada” built capacities for the spirit of inquiry, creativity and moral leadership among the enrolled girl students and became their role models. Known for his dignified unassuming personality, gleaming intellect, meticulous planning, deep regard for punctuality, far reaching vision and
Prof Joy Mukhopadhyay Talks on Colour Science & Technology at Banasthali
One field which combines Chemistry, Physics, Physiology and Psychology is undoubtedly Colour Science and Technology. Global market size of dyes and pigments is of the order of USD 27.8 Billion with India market size of USD 4.9 Billion. Specialty chemicals, which comprise low volume, high value chemicals with specific applications, constitute a significant part of the Indian chemical industry include agrochemicals, flavors and fragrances, surfactants, polymer additives, personal care ingredients,