Presents a theoretical framework for investigating the nature, origin, and development of wisdom. This framework uses concepts from life-span theory and cognitive psychology and defines wisdom as a highly developed system of knowledge and judgment that is essential for resolving basic life issues. Five criteria for wisdom are identified, and attempts at specifying behavioral indicators of these criteria are described. Foci of research on wisdom and on the development of cognitive and intellectual functioning in the later phases of the life span are discussed. (English abstract) (PsycINFO Database Record (c) 2007 APA, all rights reserved)