Recent years have witnessed significant advances in our understanding of bounds on rationality in both cognitive psychology and economics. These two fields have been making separate progress, but time is ripe for unifying these efforts. In this article, we introduce recently developed economic tools, themselves rooted in the psychometric tradition, to quantify individual differences in the capacity for cognitive control. These tools suggest that a reliable assessment of the capacity for cognitive control may be accomplished by examining task performance as a function of reward. We demonstrate through simulation studies that an incentive-informed measure of task performance does a better job of recovering individual differences in one’s capacity for cognitive control, compared to the commonly used congruency effect. Furthermore, we show that the economic approach can be used to predict control-dependent behavior across different task settings. We conclude by discussing future directions for the fruitful integration of behavioral economics and cognitive psychology with the aim of improved measurement of individual differences in the capacity for cognitive control.