The present research investigated age-related differences in other-regarding preferences-the preference for taking others' benefit into account during social decision-making-between young and elderly adults. Young and older Korean adults responded to multiple rounds of a mini-ultimatum game, and the extent to which each individual considered outcome and intention was quantified using economic utility models. We found that older adults, compared to young adults, were less likely to consider others' intentions, while focusing more on others' outcomes. Possible psychological factors underlying our findings, including theory of mind, prosocial values, and decision strategies, are discussed. (PsycInfo Database Record (c) 2020 APA, all rights reserved).