Aspects of judgment and decision making: Interrelationships and changes with age

In making supposedly rational decisions, we must estimate at least two types of quantity, namely, the relative probabilities of different outcomes of alternative courses of action and the degree of our preference for the different outcomes. The extent to which the fear of failure deters us and the hope of success spurs us on, as well as the degree of our confidence in what may happen, all determine our decisions. In this article, the values of parameters related to the factors influencing judgment are compared in young and old people.