According to prospect theory, people overweight low probability events and underweight high probability events. Several recent papers (notably, Hertwig, Barron, Weber \& Erev, 2004) have argued that although this pattern holds for ``description-based'' decisions, in which people are explicitly...

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...

The competitive survival of many organizations depends on delivering projects on time and on budget. These firms face decisions concerning how to scale the size of work teams. Larger teams can usually complete tasks more quickly, but the advantages associated with adding workers are often...

This paper extends previous research showing that experienced difficulty of recall can influence evaluative judgments (e.g., Winkielman \& Schwarz, 2001) to a field study of university students rating a course. Students completed a mid-course evaluation form in which they were asked to list...