To be at the tail of the lions or the head of the foxes?

Agents seeking an opportunity for profit often have to compete with others who pursue the same opportunity. When having to choose between a number of opportunities differing in their value and if individuals differ in their chances of outperforming others, the choice can be cognitively and emotionally demanding. We explore choice between opportunities using stylized Lions–Foxes games. In such a game, each of three players, with different odds of...