The finding adds to scientific understanding of decision making and may lead to strategies for modifying changes in risk behaviour as people age.
Researchers from the Yale University and the New York University in the US examined the phenomenon in older adults, who experience a natural decline in grey matter volume with age.
They studied whether changes in grey matter volume in the posterior parietal cortex or ageing itself, accounted for older adult's tendency to avoid risk.
For example, a participant could choose the certain gain of USD 5 or opt for a 25 per cent chance of getting USD 20 USD.
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Participants were each assigned a number denoting their level of risk tolerance based on their choices.
Researchers also measured the gray matter volume in the posterior parietal cortex of each subject, drawn from MRI scans.
After analysing the risk choices and MRI measurements, the researchers confirmed that age-related decline in risk tolerance correlates more with changes in brain anatomy than with age.
"This means that grey matter volume accounts for age-related changes in risk attitude more than age itself," said Levy.
The finding provides new insight into neurological factors that affect risk preferences and decision making among older adults. It may also lead to strategies for modifying decision making.
"We could use this understanding in order to try to, behaviourally or pharmacologically, change flawed decision making," said Levy.
The study was published in the journal Nature Communications.
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