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Prevalence-induced concept change describes a cognitive mechanism by which someone's definition of a concept shifts as the prevalence of instances of that concept changes. While this phenomenon has been established in young adults, it is unclear how it affects older adults. In this study, we explore how prevalence-induced concept change affects older adults' lower-level, perceptual, and higher-order, ethical judgements. We find that older adults are less sensitive to prevalence-induced concept change than younger adults across both domains. Using computational modeling, we demonstrate that these age-related changes in judgements reflect more cautious and deliberate responding in older adults. Based on these findings, we argue that while overly cautious responding by older adults may be maladaptive in some cognitive domains, in the case of prevalence-induced concept change, it might be protective against biased judgements.