Are Older People Aware of Their Cognitive Decline? Misperception and Financial Decision-Making
研究发现老年人倾向于低估自己的认知衰退，而严重衰退但未意识到的人更容易遭受财富损失，主要源于不良财务决策而非理性撤资。
We investigate whether older people correctly perceive their cognitive decline and the potential financial consequences of misperception. First, we show that older people tend to underestimate their cognitive decline. We then show that those experiencing a severe decline but unaware of it are more likely to suffer wealth losses. These losses largely reflect decreases in financial wealth and are mainly experienced by wealthier people who were previously active on the stock market. Our findings support the view that financial losses among older people unaware of their cognitive decline are the result of bad financial decisions, not of rational disinvestment strategies.