Decision makers are viewed as having repertories of decision strategies (procedures and decision rules). These differ in the degree to which they require systematic analysis of the decision task; the greater the analytic requirement the greater the probability of a correct decision but the cost in terms of time, effort, and money also is greater. Strategy selection results from balancing the expected benefits of a correct decision against the costs of using each possible strategy and selecting the one that promises the maximum net gain. The components of the model (repertories, costs, benefits, etc.) are all viewed as contingent upon the characteristics of the individual decision maker and upon the characteristics of the decision task itself. A taxonomy of strategies also is presented.