When participants commit errors or receive feedback signaling that they have made an error, a negative brain potential is elicited. According to Holroyd and Coles's (in press) neurocomputational model of error processing, this error-related negativity (ERN) is elicited when the brain first detects that the consequences of an action are worse than expected. To study age-related changes in error processing, we obtained performance and ERN measures of younger and high-functioning older adults. Experiment 1 demonstrated reduced ERN amplitudes in older adults in the context of otherwise intact brain potentials. This result could not be attributed to uncertainty about the required response in older adults. Experiment 2 revealed impaired performance and reduced response- and feedback-related ERNs of older adults in a probabilistic learning task. These age changes could be simulated by manipulation of a single parameter of the neurocomputational model, this manipulation corresponding to weakened phasic activity of the mesencephalic dopamine system.