The current paper examines whether advisors rely primarily on their personal beliefs and risk preferences or on their estimates of their clients' beliefs and risk preferences. The results of two studies show that risk preferences predicted for other individuals were more risk neutral than...

According to construal level theory (CLT) [Trope, Y., & Liberman, N. (2003). Temporal construal. Physical Review, 110, 403-421], psychological representation of information depends on "psychological distance", that is, on whether the relevant information refers to the near or distant...