I'm pretty convinced that this is just a result of glucose shifting the time discounting curve. No "expendable resource" required.
I know there's at least one study that purports to show otherwise, but this explanation is so much more elegant than any other I've yet seen proposed that right now I'm defying the data until this whole area is better understood.
Is there a connection between the time discounting curve and hand grip duration?
A surprisingly good New York Times essay on willpower / ego depletion:
Do You Suffer From Decision Fatigue?
As it turns out, the essay is based on an upcoming Roy F. Baumeister book, "Willpower: Rediscovering the Greatest Human Strength", which will be available from Amazon in a couple of weeks (September 1, 2011) both as a hardcover and a Kindle edition.
Some quotes from the essay (italics and headings mine):
You spend the most willpower when you have to make AND implement your decisions:
Willpower depletion makes you reluctant to make trade-offs:
Willpower depletion makes you more likely to take the path of least resistance:
Testing willpower depletion in rural Indian villages:
Decision fatigue can be a factor in trapping people in poverty:
Glucose restores willpower in humans and dogs:
Ego depletion causes activity to rise in some parts of the brain and to decline in others:
Good decision makers structure their lives so as to conserve willpower: