Cognitive effort has been the focus of numerous studies

in psychology (e.g., Fiske and Taylor 1984; Newell and

Simon 1990; Hogarth 1987; Kahneman,
Slovic, and Tversky 1982;Conlisk 1996; Herrnstein and Prelec 1991). A consistent
finding is that humans have limited cognitive resources
and allocate them judiciously (Payne 1982; Russo and
Dosher 1983). Cognitive effort or thinking has been seen
as costly and humans have been described as "cognitive
misers" (Fiske and Taylor 1984, p.12) expending only
the effort necessary to make a satisfactory, rather than
optimal, decision. As environments require more cognitive
effort to process information fully, decision makers
often switch to decision strategies or heuristics that are
easier to implement but these heuristics frequently result
in less accurate decisions, biased responses, and preference
reversals (Johnson, Payne, and Bettman 1988; Russo
1977). T