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The Aging Consumer: Perspectives from Psychology and Economics

by: Drolet; Aimee

The Aging Consumer: Perspectives from Psychology and Economics

by: Drolet; Aimee

ISBN 13:
9781848728110
ISBN 10:
1848728115
Edition: 1st
Format: Nonspecific Binding
Copyright: 06/08/2010
Publisher: Routledge

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Summary

At present, about 45 million Americans are over the age of 65, and by 2020, one out of every six Americans will be 65 or older. These statistics are reflective of a worldwide phenomenon in developing and developed countries alike since the Industrial Revolution. This edited volume, written by experts in many fields, examines the economic and psychological research behind how aging consumer behave, make decisions, and choose in the marketplace. The book takes stock of what is known, identifies gaps and open questions, and outlines an agenda for future research. It covers topics from the individual to the societal level of analysis.

About the Editors	p. xi
Contributors	p. xiii
Series Foreword	p. xv
Preface	p. xvii
What Changes with Aging?
Cognitive Psychology and Neuroscience of Aging	p. 3
Overview	p. 3
Effects of Aging on Cognition	p. 3
Effects of Aging on Neural Structure and Function	p. 5
Motivated Cognition and Aging: Behavioral Effects	p. 7
Motivated Cognition and Aging: Neural Effects	p. 9
Motivated Cognition and Aging: Self-Referencing	p. 10
Cognitive Aging Across Cultures	p. 13
Conclusions	p. 17
Acknowledgments	p. 17
References	p. 17
Spending Patterns in the Older Population	p. 25
Introduction	p. 25
Age and Consumption	p. 25
Theoretical Considerations	p. 27
Data	p. 29
Income, Wealth, and Total Consumption	p. 32
Conclusions	p. 46
Acknowledgment	p. 46
Appendix 2.1: Estimating Consumption Services Derived From Durables	p. 46
Appendix 2.2: Detailed Composition of Consumption Categories	p. 47
References	p. 49
Socioemotional Selectivity Theory: Implications for Consumer Research	p. 51
Introduction	p. 51
Socioemotional Selectivity Theory	p. 53
Socioemotional Selectivity Theory and Consumer Behavior	p. 58
Further Implications of Socioemotional Selectivity Theory for Consumer Research	p. 62
Limitations of Applying SST to Consumer Research and Suggestions for Future Research	p. 66
References	p. 69
Decision Making
Aging-Related Changes in Decision Making	p. 75
Introduction	p. 75
Good Decision Making is Fundamental to Maintenance of Independent Functioning	p. 76
Dual Modes of Thinking and their Impact on Decision Making	p. 77
Age Declines in Deliberative Processes, Including Numeracy	p. 78
Age-Related Compensatory Processes, Including Selectivity, Increased Experience, and Affective Processes	p. 84
Implications for Judgment and Decision-Making	p. 89
Facilitating Better Decision Making	p. 91
Conclusion	p. 93
Acknowledgments	p. 94
References	p. 94
Do Workers Prepare Rationally for Retirement?	p. 103
Introduction	p. 103
Planning the Retirement Age	p. 106
Saving for Retirement	p. 114
Allocation of Retirement Saving	p. 122
Implications for Policy	p. 125
Acknowledgments	p. 127
References	p. 127
New Choices, New Information: Do Choice Abundance and Information Complexity Hurt Aging Consumers' Medical Decision Making?	p. 131
Introduction	p. 131
Aging Consumers' Response to Complexity and Abundance in Health Care Decisions	p. 132
Good Strengths, Bad Weaknesses, and Ugly Decisions	p. 135
An Application to the Medicare Prescription Drug Plan	p. 138
Conclusion	p. 142
Acknowledgments	p. 143
References	p. 143
The Aging Consumer and Intergenerational Transmission of Cherished Possessions	p. 149
Introduction	p. 149
Intergenerational Transmission in Families	p. 150
Research Activity	p. 151
Findings	p. 152
Preserving Family Heirlooms	p. 159
Guardianship	p. 163
Transmission and Inalienable Wealth	p. 166
Discussion	p. 168
Acknowledgments	p. 170
References	p. 170
Older Consumers in the Marketplace
Comprehension of Marketing Communications Among Older Consumers	p. 175
Introduction	p. 175
Background	p. 176
General Discussion	p. 184
References	p. 186
Impact of Age on Brand Choice	p. 191
Introduction	p. 191
Selected Results for Brand Choice and Choice Processes	p. 192
Possible Mechanisms	p. 196
Questions for Further Research	p. 201
References	p. 205
Why Do Older Consumers Tell us they are more Satisfied?	p. 209
Introduction	p. 209
Older and More Satisfied: Findings from the American Customer Satisfaction Index	p. 210
Explanations Based on Changes in External Factors	p. 217
Explanations Based on Age-Related Changes in the Evaluation Process	p. 220
Explanations Based on Age-Related Changes in the Response Process	p. 222
Interactions, Heterogeneity, Person and Product Covariates	p. 224
References	p. 226
Age Branding	p. 229
Introduction	p. 229
Age-Denial Brands	p. 230
Age-Adaptive Brands	p. 231
Age-Irrelevant Brands	p. 235
Age-Affirmative Brands	p. 238
Troubled Age Brands	p. 242
Conclusion: The Future of Age Branding	p. 245
References	p. 245
Designing Products for Older Consumers: A Human Factors Perspective	p. 249
Introduction	p. 249
Human Factors Framework for Product Use	p. 250
Functional Capabilities and Aging	p. 252
Anthropometrics and Physical Fitness	p. 255
Cognitive	p. 255
Application of Knowledge About Aging	p. 256
Ways to Design	p. 259
Summary	p. 265
References	p. 265
Author Index	p. 269
Subject Index	p. 283
Table of Contents provided by Ingram. All Rights Reserved.

Amazon no longer offers textbook rentals. We do!

The Aging Consumer: Perspectives from Psychology and Economics

The Aging Consumer: Perspectives from Psychology and Economics

9781848728110

1848728115

Summary

Table of Contents

Supplemental Materials

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