We do not see significant differences in behavior of the younger and older subjects. Somewhat surprisingly subjects more often than not chose the lower average payoff decks. Among older subjects, 58% chose the lower payoff decks on four or more of the six choices, while 59% of the younger subjects did so (Table 1 and Figure 3). The proportions were similar across age groups for each of the six different deck pairs Older women were significantly more likely than older men to choose the lower mean, higher variance decks (Figure 4).Of the 54 choices made by the.
