“…An alternative to backward induction is to assume that the decision maker acts myopically and decides whether or not to pursue the make‐or‐break task further as if this decision were the last that they could make. Myopic strategies accurately describe human behavior in a wide array of settings, ranging from dynamic investment decisions and sequential hypothesis testing to sequential search and multi‐armed bandit tasks (see also Busemeyer & Rapoport, ; Gabaix, Laibson, Moloche, & Weinberg, ; Stojic, Analytis, & Speekenbrink, ; Thaler, Tversky, Kahneman, & Schwartz, ; Wu, Schulz, Speekenbrink, Nelson, & Meder, ; Zhang & Yu, ). In our case, as more time is allocated to the make‐or‐break task, some of the associated uncertainty becomes replaced by an actual outcome y = q m ( t ′) experienced up until time t ′ [0, T ].…”