Aging is associated with significant decline in cognitive functions. But does this translate into poorer decision making? Psychologists from the University of Basel and the Max Planck Institute for Human Development report that in simple decision situations, older adults perform just as well as younger adults. However, according to their study published in the academic journal Cognition, aging may affect decision performance in more complex decision situations.
Important decisions in politics and economics are often made by older people: According to Forbes magazine, the average age of the world's most powerful people in 2013 was 61 years. As populations across the globe age, the selection of older individuals into such powerful roles may even be further intensified.