Imagine you are looking for a parking spot at a crowded event. You find one far from your destination. Do you decide to take it, or invest more time into hunting a better spot which may or may not exist? Daniele Carlesso PhD Candidate, Macquarie University You might resolve this decision by "budgeting": limiting the resources (time) you will spend looking for a better option before settling for the inferior one. This strategy, which allows us to cut our losses when things don't pan out as we had hoped, is commonly used when we cannot know the payoff of our choices in advance.

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