▁discipl ines ▁which ▁study ▁rational ity ▁and ▁choice , ▁including ▁philosophy ▁( ep ist em ology ) ▁and ▁game ▁theory . ▁ ▁The ▁term ▁was ▁co ined ▁by ▁Anthony ▁Down s ▁in ▁An ▁Econom ic ▁Theory ▁of ▁Dem ocracy . ▁ ▁Example ▁Consider ▁an ▁employ er ▁attempting ▁to ▁choose ▁between ▁two ▁candidates ▁offering ▁to ▁complete ▁a ▁task ▁at ▁the ▁cost ▁of ▁$ 1 0 / hour . ▁The ▁length ▁of ▁time ▁needed ▁to ▁complete ▁the ▁task ▁may ▁be ▁longer ▁or ▁shorter ▁depending ▁on ▁the ▁skill ▁of ▁the ▁person ▁performing ▁the ▁task , ▁so ▁it ▁is ▁in ▁the ▁employ er ' s ▁best ▁interests ▁to ▁find ▁the ▁fast est ▁worker ▁possible . ▁Assume ▁that ▁the ▁cost ▁of ▁another ▁day ▁of ▁interview ing ▁the ▁candidates ▁is ▁$ 1 0 0 . ▁If ▁the ▁employ er ▁had ▁dedu ced ▁from ▁the ▁inter views ▁so ▁far ▁that ▁both ▁candidates ▁would ▁complete ▁the ▁task ▁in ▁somewhere ▁between ▁ 1 9 5 ▁and ▁ 2 0 5 ▁hours , ▁it ▁would ▁be ▁in ▁the ▁employ er ' s ▁best ▁interests ▁to ▁choose ▁one ▁or ▁the ▁other ▁by ▁some ▁easily ▁ ▁applied ▁metric ▁( for ▁example , ▁f li pping ▁a ▁coin ) ▁rather ▁than ▁spend ▁the ▁$ 1 0 0 ▁on ▁determ ining ▁the ▁better ▁candidate , ▁saving ▁at ▁most ▁$ 1 0 0 ▁in ▁labor . ▁ ▁In ▁many ▁cases , ▁the ▁decision ▁may ▁be ▁made ▁on ▁the ▁basis ▁of ▁he ur istics ; ▁a ▁simple ▁decision ▁model ▁which ▁may ▁not ▁be ▁completely ▁accurate . ▁ ▁For ▁example