In a typical reversal-learning experiment, one learns stimulus–outcome contingencies that then switch without warning. For instance, participants might have to repeatedly choose between two faces, one of which yields points whereas the other does not, with a reversal at some point in which face yields points. The current study examined age differences in the effects of outcome type on reversal learning. In the first experiment, the participants’ task was either to select the person who would be in a better mood (...) or to select the person who would yield more points. Reversals in which face was the correct option occurred several times. Older adults did worse in blocks in which the correct response was to select the person who would not be angry than in blocks in which the correct response was to select the person who would smile. Younger adults did not show a difference by emotional valence. In the second study, the negative condition was switched to have the same format as the positive condition (to select who will be angry). Again, older adults did worse with negative than positive outcomes, whereas younger adults did not show a difference by emotional valence. A third experiment replicated the lack of valence effects in younger adults with a harder probabilistic reversal-learning task. In the first two experiments, older adults performed about as well as younger adults in the positive conditions but performed worse in the negative conditions. These findings suggest that negative emotional outcomes selectively impair older adults’ reversal learning. (shrink)