Risk-taking attitudes and behaviors among young and elderly adults were investigated. Elderly subjects, from both a nursing home and the community, and college students responded to choice dilemmas involving aged central characters. Each subject responded twice, once under "self" instructions, and once as the "average elderly person" would respond. Each of the three groups contained 20 subjects and was equally divided by sex. Results indicated that: (1) young adults do not view the elderly as more cautious than themselves; (2) elderly persons were significantly more likely to refuse all levels of risk than were young adults; and (3) when responses refusing all risk were omitted, nursing home residents responded in a significantly riskier fashion under "self" than under "average elderly" instructions. (Author)