 Balancing the quality of a decision against its costs soon became a popular conception of bounded rationality, particularly in economics (Stigler 1961), where it remains commonplace to formulate boundedly rational decision-making as a constrained optimization problem. On this view boundedly rational agents are utility maximizers after all, once all the constraints are made clear (Arrow 2004). Another reason for the popularity of this conception of bounded rationality is its compatibility with Milton Friedman’s as if methodology (M. Friedman 1953), which licenses models of behavior that ignore the causal factors underpinning judgment and decision making. To say that an agent behaves as if he is a utility maximizer is at once to concede that he is not but that his behavior proceeds as if he were. Similarly, to say that an agent behaves as if he is a utility maximizer under certain constraints is to concede that he does not solve constrained optimization problems but nevertheless behaves as if he did.