Memory Underpinnings of Decision-Making Competence

Abstract: Decision-making competence refers to the ability to make judgments and decisions that follow normative criteria of rationality. Here, we review research on memory skills underlying decision-making competence from an adult lifespan perspective. First, we discuss how aspects of decision-making competence are associated with memory skills, and how situational and strategic variations may modulate these relationships. Then, we examine the relationships between age-related differences in decision-making competence and age-related differences in memory skills. Because the relationship between memory and decision-making may be reciprocal, we also consider research on how decisions may affect memory. Next, we discuss how decision-making competence may be built and maintained across the adult lifespan. Finally, we highlight open questions and propose possible future research directions.