The influence of episodic memory decline on value-based choice.

ABSTRACT

Recent studies suggest the involvement of episodic memory in value-based decisions as a source of information about subjective values of choice options. We therefore tested the link between age-related memory decline and inconsistencies in value-based decisions in 30 cognitively healthy older adults. Within the pre-registered experiment, the inconsistencies were measured in two ways i) the consistency between stated preferences and revealed choices; ii) the amount of intransitivities in choice triplets, revealed in a forced paired choice task including all possible pairings of 20 food products. Although no significant association of memory functions to number of intransitive triplets was observed, participants with lower memory scores were more likely to choose the item for which they stated a lower preference. The results suggest a higher noise in the underlying preference signal in participants with lower memory. We discuss the results in the context of the unique needs of elderly consumers.