Understanding the Aging Decision Maker

Abstract

From his early 60s to his late 70s, Alan Greenspan was chairman of the Federal Reserve, the central bank of the United States of America, and thus one of the most important decision makers in American economic policy. Although not without critics, many economists agree that during his almost 20 years in office Greenspan managed the Federal Reserve effectively and was able to deal successfully with various stock market crises. Moreover, Greenspan remained a sought-after expert after stepping down from his position as chairman, being appointed to influential positions in major financial institutions. Alan Greenspan is a prototypical case of successful decision making in older age and represents a particularly encouraging example of successful aging at a time where more and more people are asked to make important decisions well into old age.

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