One embodiment of the present invention facilitates favoring the performance of a single-threaded application in a computer system that supports simultaneous multi-threading (SMT), wherein multiple threads of execution simultaneously execute in an interleaved manner on functional units within a processor. During operation, the system maintains a priority for each simultaneously executing thread. The system uses these priorities in allocating a shared computational resource between the simultaneously executing threads, so that a thread with a higher priority is given preferential access to the shared computational resource. This asymmetric treatment of the threads enables+ the system to favor the performance of a single-threaded application while performing simultaneous multi-threading.